/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/040909.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 9, 2004, Vol. 5, No. 179 Headlines G E R M A N Y BOIZENBURGER GERUSTBAU: Deadline for Filing of Claims Sept. 24 CASALOGIC GMBH: Last Day for Filing Claims September 28 CELANESE AG: Posts New Prices for Acetyl Products GARANT SCHUH: Files for Insolvency GRUBE MASCHINEN: Creditors Final Meeting October 13 GULDE KUCHEN: Court Appoints Insolvency Administrator JB TECHNIK: Deadline for Filing of Claims September 24 MRP ERLEBNISGASTRONOMIE: Creditors' Claims Due September 30 TANA INFORMATIONSSYSTEME: Claims Deadline Expires Next Week VERWALTUNGSGESELLSCHAFT SPORTHOTEL: Creditors to Meet October 12 I R E L A N D ABBEY THEATRE: Axing 30 to Offset EUR500,000 Cash Shortfall ELAN CORPORATION: Invited to Present at Bear Stearns Conference I T A L Y ALITALIA SPA: CEO Has Less than a Week to Get Workers' Nod PARMALAT U.S.A.: Wants to Employ Mahoney Cohen as Accountants SEAT PG: First-half EBITDA Slightly Up N E T H E R L A N D S NUMICO N.V.: Wraps up Buyout of Finnish Baby Food Brands ROYAL SHELL: Athabasca Project Sets Production Record ROYAL SHELL: Sells Belgian Interests to Tractebel N O R W A Y AKER KVAERNER: Wins GBP35 Mln Contract from U.K.'s Total P O L A N D ELEKTRIM SA: EBRD Defers Decision on EUR75 Million Loan R U S S I A KALUGA-AGRO-PROM-ENERGO: Names I. Smirnov Insolvency Manager KERAMIK: Court Sets October 26 Hearing KRASNOUFIMSKAYA GARMENT: Succumbs to Bankruptcy MALAKHOVSKOYE RING: Under Bankruptcy Supervision NARYSHKINSKOYE BREAD: Orel Court Appoints Insolvency Manager NOVOKUZNETSKAYA GEOLOGIC-GEOPHYSICAL: Declared Insolvent OLYMSKY SUGAR: Gives Creditors Until September 19 to File Claims PENZA CITY-SOVIET: Undergoes External Management Procedure PODOLSKY ELECTRO-MECHANICAL: Under Bankruptcy Supervision PROMORSKY FISH: Bankruptcy Proceedings Begin ROS-MYAS-MOL-PROM: Court Sets September 23 Hearing SCIENTIFIC RESEARCH: Under Bankruptcy Supervision TERRA-TECHNOLOGY: Deadline for Filing of Claims September 19 ULAN-UDENSKY: Gives Creditors Until September 19 to File Claims ULYANOVSKOYE TRADE: Insolvency Manager Takes over Helm YUGO-KAMSKY: Perm Court Opens Bankruptcy Proceedings YUKOS OIL: Second-quarter, First-half Oil Production Up YUKOS OIL: Hearing on Tax Cases to Continue Next Week YUKOS OIL: To Contest Order to Pay Tax Bill for 2001 ZAP-SIB: Bankruptcy Case Pending in Tomsk Arbitration Court U K R A I N E AGROZAPCHASTINA: Under Bankruptcy Supervision CHERNIGIV' DRUZHBA: Court Orders Debt Moratorium DERAZHNYA' SUGAR: Public Auction of Assets Set September 16 KRASNOPILSKE AUTO 15940: Court Appoints Insolvency Manager KRUSHINKA-GARDEN: Proofs of Claim Deadline Set September 17 LIPOVODOLINSKE: Sumi Court Opens Bankruptcy Proceedings MTS-SOUTH: Bankruptcy Supervision Begins SHUMSKIJ AGROPOSTACH: Last Day for Filing Claims September 17 TECHNOFTEROS: Proofs of Claim Deadline Expires September 17 TERA LTD.: Court Affirms Insolvency VELIKOCHERNECHINSKA: Names Yurij Hovrin Insolvency Manager U N I T E D K I N G D O M ABBEY INDUSTRIAL: Names Joint Liquidators from CBA ABERDEEN DEVELOPMENT: Plans to Repay Existing Zeros ACM PAPER: Calls in Liquidator ANDREW LOWE: Appoints Liquidator AUTOMOTIVE PRECISION: In Creditors' Voluntary Liquidation BAXTER RESOURCING: Creditors to Meet Friday BAY MANUFACTURING: Hires Joint Liquidators from PKF B & B TRANSPORT: In Administrative Receivership BED AND BREAKFAST: Barclays Bank Appoints KPMG Receiver BIRKBY'S LIMITED: Members Final General Meeting Set September 30 BRITISH ENERGY: Warns of Insolvency if Rescue Plan Fails BROWNS FINE: Names Liquidator from Tomlinsons COMPLETE HANDLING: HSBC Bank Appoints P&A Partnership Receiver DAMHEAD ENERGY: Names Ernst & Young Liquidator DAWSON INTERNATIONAL: Sells Joseph Dawson for GBP6.6 Million DELPHUS UK: Calls in Liquidators from PKF DELTANOTE LIMITED: Names Joint Liquidators from KPMG DETECTAPLANT LTD.: May Appoint Liquidator September 14 FAST RETAILING: Hires Joint Liquidators from KPMG INGLEBY (591): Winding up Resolutions Passed JARVIS PLC: Sells Bidding and Management Operations JARVIS PLC: Names Alistair Rae New Finance Director KNIGHT FINANCIAL: Members Agree to Wind up Business KNOWLEDGE 111: Appoints DTE Leonard Curtis Administrator MARCONI CORPORATION: Pays US$1.2 Billion Assumed Debt MCGOVERN TAVERNS: Winding up Resolutions Passed PERTESCO LIMITED: Subjoined Special Winding up Resolution Passed QUALITY APPLIANCES: Meeting of Creditors Tuesday QUARMBY & SON: Father and Son Earn Disqualifications READS DISTRIBUTION: Insolvency Service Bans Five Directors REDSTAR MARKETING: Sets Creditors Meeting September 15 SKYDUSK LIMITED: Names Wilder Coe Liquidator SKYEPHARMA PLC: 2004 Interim Results Out September 15 SUNDERLAND FOOD: Creditors Meeting Set September 24 THORNTONS PLC: Reports Higher Full-year Pre-tax Profit URBANROSE LTD.: Creditors to Meet September 17 W G ALLEN: Names Joint Liquidators from Deloitte & Touche WIMCO GROUP: Hires Joint Administrators from UHY Hacker Young W M ENGINEERING: Names DTE Leonard Curtis Administrator ********* ============= G E R M A N Y ============= BOIZENBURGER GERUSTBAU: Deadline for Filing of Claims Sept. 24 -------------------------------------------------------------- The district court of Schwerin opened bankruptcy proceedings against Boizenburger Gerustbau GmbH on August 16. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 24, 2004 to register their claims with court-appointed provisional administrator Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting on October 25, 2004, 10:45 a.m. at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: BOIZENBURGER GERUSTBAU GMBH GF, Wolfgang Syring, Bahnhofstr. 6, 19258 Boizenburg Dr. Mark Zeuner, Insolvency Administrator Beethovenstr. 13, 19053 Schwerin CASALOGIC GMBH: Last Day for Filing Claims September 28 ------------------------------------------------------- The insolvency court of the district of Wolfratshausen opened bankruptcy proceedings against Casalogic GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 28, 2004 to register their claims with court-appointed provisional administrator Barbara Grain von Bullion. Creditors and other interested parties are encouraged to attend the meeting on October 28, 2004, 9:00 a.m. at BahnhofstraBe 18, Sitzungssaal 3/I at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: CASALOGIC GMBH Berger Weg 7 in 83623 Dietramszell Barbara Grafin von Bullion, Insolvency Administrator Beuerberger StraBe 14, 82515 Wolfratshausen Phone: 08171/423040 Fax: 08171/423034 CELANESE AG: Posts New Prices for Acetyl Products ------------------------------------------------- Celanese Chemicals will increase off-list selling prices on these Acetyl products effective October 1, 2004, or as contracts allow. Product USA, South and Europe, Canada & Central America Africa, Middle East Mexico US$/LB. US$/MT EUR/MT Acetic Acid (all grades) US$0.04 US$90 EUR75 Vinyl Acetate US$0.04 US$90 EUR75 Acetic Anhydride US$0.02 US$45 EUR35 About Celanese Chemicals and Celanese AG Celanese Chemicals, a world leader in the production of acetyls products and their derivatives, including polyvinyl alcohol and emulsions, is a business of Celanese AG. Celanese Chemicals is headquartered in Dallas, Texas, and achieved sales of around EUR2.7 billion in 2003. It employs approximately 4,000 people worldwide and operates 14 production facilities and three research centers in the United States, Germany, Canada, Mexico, Singapore, Spain, Sweden and Slovenia. Celanese AG is a global chemicals company with leading positions in its key products and world-class process technology. The Celanese portfolio consists of four main businesses: Chemical Products, Technical Polymers Ticona, Acetate Products and Performance Products. The Performance Products business consists of Nutrinova sweeteners and food ingredients. Celanese generated sales of around EUR4.1 billion in 2003 and has about 9,500 employees. The company has 24 production plants and six research centers in 10 countries mainly in North America, Europe and Asia. * * * Celanese AG reported a second quarter operating profit of EUR54 million compared to EUR109 million in the same period last year, which included EUR90 million of insurance recoveries related to the previously disclosed plumbing litigation cases. In its second quarter 2004 report, the company had a net loss for the period of EUR91 million, or EUR1.85 per share, compared to net earnings of EUR96 million, or EUR1.95 per share, in the same period last year. In August, Standard & Poor's Ratings Services affirmed its 'B+' corporate credit ratings on BCP Caylux Holdings Luxembourg S.C.A. and its Frankfurt, Germany-based Celanese AG subsidiary and removed them from CreditWatch where they were placed with negative implications on December 16, 2003. The outlook is stable. CONTACT: CELANESE AG Frankfurter StraBe 111 61476 Kronberg im Taunus, Germany Phone: +49 69 305 16000 Fax: +49 69 305 16006 Web site: http://www.celanese.com GARANT SCHUH: Files for Insolvency ---------------------------------- German shoe retailer Garant Schuh AG has filed for insolvency on failure to obtain cash to plug a financing gap, according to Bloomberg News. The company blamed Dutch Rabobank International, which was the only hold out among the 19 banks that agreed to the terms of a new financing. The consensus was pre-condition to the release of the loan. Garant now plans to take up "restructuring measures" that would enable it to continue trading while under insolvency. The company is set to meet banks for further discussions. Garant Schuh provides centralized buying services to around 7,850 European stores. CONTACT: GARANT SCHUH + MODE AG ElisabethstraBe 70 D-40217 Dusseldorf Phone: ++49/(0)211/3386-01 Fax: ++49/(0)211/3386-297 Web site: http://www.garantschuh.de GRUBE MASCHINEN: Creditors Final Meeting October 13 --------------------------------------------------- The final meeting of the creditors of Grube Maschinen- und Metallbau GmbH will be on October 13, 2004, 3:00 p.m. at the district court of Stendal. The purpose of the meeting is to examine the claims filed after the expiry of the filing period; discuss objections to the final list of claims and the insolvency administrator's final account; and decide on any objects forming part of the assets involved in the insolvency proceedings not apt for disposal. The final report of the administrator, account, and list of claims are available for viewing at the district court of Stendal. CONTACT: GRUBE MASCHINEN- UND METALLBAU GMBH vertreten durch Jorg Grube Rathenower StraBe 6, 39639 Havelberg GULDE KUCHEN: Court Appoints Insolvency Administrator ----------------------------------------------------- The district court of Amtsgericht opened bankruptcy proceedings against Gulde Kuchen GmbH + Co. KG on August 19. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until October 1, 2004 to register their claims with court-appointed provisional administrator Dr. Thomas Leicht. Creditors and other interested parties are encouraged to attend the meeting on October 21, 2004 at AG Stuttgart, Hauffstr. 5, EG, Saal 4 at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: Dr. Thomas Leicht, Insolvency Administrator Eugenstr. 16, 70182 Stuttgart Phone: 0711/245252 Fax: 0711/233586 JB TECHNIK: Deadline for Filing of Claims September 24 ------------------------------------------------------ The district court of Muhlhausen opened bankruptcy proceedings against JB Technik GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 24 to register their claims with court-appointed provisional administrator Ulrich Hauter. Creditors are asked to declare to the administrator their security interests in personal property or rights of the debtor. Creditors and other interested parties are encouraged to attend the meeting on October 25, 2004, 9:30 a.m. at the district court of Muhlhausen at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: JB TECHNIK GMBH Rolf Dieter Brandt & Joachim Jordan Am Ohmberg 2-4, 37345 Bischoffe Ulrich Hauter, Insolvency Administrator Untermarkt 12, 99974 Muhlhausen DISTRICT COURT OF MUHLHAUSEN Untermarkt 17, Raum 35 MRP ERLEBNISGASTRONOMIE: Creditors' Claims Due September 30 ----------------------------------------------------------- The district court of Neu-Ulm opened bankruptcy proceedings against MRP Erlebnisgastronomie GmbH on August 23. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 30, 2004 to register their claims with court-appointed provisional administrator Dipl.-Kfm. Werner Schneider. Creditors and other interested parties are encouraged to attend the meeting on October 13, 2004 at the district court of Neu-Ulm at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: MRP ERLEBNISGASTRONOMIE GMBH Erwin-Bosch-Ring 5 in 86381 Krumbach Dipl.-Kfm. Werner Schneider, Insolvency Administrator Bahnhofstr. 39, 89231 Neu-Ulm Phone: 0731/97018-0 Fax: -65 DISTRICT COURT OF NEU-ULM Heiner-Metzger-Platz 1, II. Stock, SS. 211 TANA INFORMATIONSSYSTEME: Claims Deadline Expires Next Week ----------------------------------------------------------- The Neustadt/Wstr. district insolvency court has opened bankruptcy proceedings against TANA Informationssysteme Vertriebs-GmbH. Consequently, all pending proceedings against the company have been automatically stayed. Creditors have until September 19, 2004 to register their claims with court-appointed provisional administrator Peter Depre. Creditors and other interested parties are encouraged to attend the meeting on September 17, 2004, 11:30 a.m. at C 9, Seitengebaude, Robert-Stolz-Str. 20, 67433 Neustadt a. d. Wstr at which time the administrator will present his first report of the insolvency proceedings. The court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors committee and or opt to appoint a new insolvency manager. CONTACT: TANA INFORMATIONSSYSTEME VERTRIEBS-GMBH GF Bernhard Tanner Bruchstr. 54a, 67098 Bad Durkheim Peter Depre, Insolvency Manager O 4, 13-16, D-68161 Mannheim Phone: 0621/12078-0 Fax: 0621/153800 VERWALTUNGSGESELLSCHAFT SPORTHOTEL: Creditors to Meet October 12 ---------------------------------------------------------------- Creditors of Verwaltungsgesellschaft Sporthotel Glinde GmbH will meet on October 12, 2004, 10:50 a.m. at the district court of Reinbek to discuss the possible discontinuation of the company's bankruptcy proceedings. The firm's insolvency manager declared on August 5 that the assets involved are insufficient to cover the costs of the proceedings. The meeting will also examine the claims filed after the expiry of the filing period and discuss objections to the final list, and the insolvency administrator's final account. CONTACT: VERWALTUNGSGESELLSCHAFT SPORTHOTEL GLINDE GMBH GF Joachim Rath Am Sportplatz 98, 21509 Glinde DISTRICT COURT OF REINBEK Saal 102 Parkallee 6 ============= I R E L A N D ============= ABBEY THEATRE: Axing 30 to Offset EUR500,000 Cash Shortfall ----------------------------------------------------------- Workers at Abbey Theatre in Dublin have rejected plans to reduce the company's workforce by a third, as part of its rescue plan, local reports say. Members of SIPTU want the company to withdraw the plan and negotiate a new one in partnership with the workers. They are seeking an urgent meeting with Minister for Arts John O'Donoghue. Thirty of the company's 90 workers have been lined up for axing to mitigate the funding crisis at the national theater. Business World pegs the company's cash shortfall at EUR500,000. Already, the theatre has postponed two shows previously included in its centenary year program. The cuts are expected to come from the literary department, insiders told the Irish Times in a separate report. They may also affect the outreach and education services, and production teams at the Abbey and its sister theatre, the Peacock. CONTACT: ABBEY AND PEACOCK THEATRES 26 Lower Abbey Street Dublin 1 Ireland For Lo-Call Information phone: 1890 444 100 Admin: 00 353 1 887 2200 Fax: 00 353 1 872 9177 Web site: http://www.abbeytheatre.ie ELAN CORPORATION: Invited to Present at Bear Stearns Conference --------------------------------------------------------------- Elan Corporation, plc will present at the Bear Stearns 17th Annual Healthcare Conference in New York on Monday, September 13, at 8:30 a.m. Eastern Time, 1:30 p.m. British Summer Time. Interested parties may access a live audio Web cast of the presentation by visiting http://www.elan.comand clicking on the Investor Relations section, then on the event icon. About Elan Elan is a neuroscience-based biotechnology company that is focused on discovering, developing, manufacturing, selling and marketing advanced therapies in neurodegenerative diseases, autoimmune diseases and severe pain. Elan's (NYSE: ELN) shares trade on the New York, London and Dublin Stock Exchanges. CONTACT: ELAN CORPORATION Anita Kawatra Phone: +1-212 407 5755 +1-800 252 3526 Investors Emer Reynolds Phone: +353 1 709 4000 Fax: +1-800 252 3526 Web site: http://www.elan.com ========= I T A L Y ========= ALITALIA SPA: CEO Has Less than a Week to Get Workers' Nod ---------------------------------------------------------- Alitalia CEO Giancarlo Cimoli met with unions Monday to persuade workers to agree to the restructuring plan, International Herald Tribune says. The chief executive is proposing to cut around 5,000 jobs and split the ailing carrier into two different units. These job-cuts, according to him, will help save around EUR315 million in two years and return the airline to profitability. Alitalia needs the unions' approval before September 15 to avail of a EUR400 million government-backed bridging loan. A no-deal could force Alitalia into bankruptcy by October, as the cash-strapped carrier needs the fund to continue its operation. Alitalia would then be placed into extraordinary administration, or worse, liquidation. The loan, which would be provided by banks, would be for six months and is renewable for another six months. In that period, Alitalia must implement its restructuring plan and seek fresh funds through a capital increase. The European Union, which sanctioned the loan a few weeks ago, also wants the Italian government to lower its stake in Alitalia from 62% to less than 50%. E.U. transport commissioner, Loyola de Palacio, says the job cuts were unavoidable. Unions, however, want to limit the cuts that Mr. Cimoli is proposing. CUB, which has around 700 Alitalia members, plans to stage a "rotating hunger strike" in which four employees would not eat for a day and another four the following day. CUB national coordinator Pierpaolo Leonardi said their members might also block the runways at Rome's Fiumicino Airport, as part of their protest. "It is clear that a restructuring is necessary, but not like what the company is proposing. The cost of labor is not the problem. The problem is inept management and therefore we are calling for the government, Alitalia's biggest shareholder, to step in and get involved," Mr. Leonardi told the Tribune. Explaining CBU's decision to stop negotiating with Alitalia's management, Mr. Leonardi says his union wants no part in a social massacre. The carrier's biggest unions, however, are still hoping they could strike a deal with Mr. Cimoli. More moderate unions such as CGIL said they would keep negotiating to get a compromise. Like CBU, CGIL is also asking the Italian government to intervene; but unlike the other union, it will not stage any industrial action. In April and May, a series of strikes led to cancellation of around 1,250 flights. CONTACT: ALITALIA S.p.A. Viale A. Marchetti 111 00148 Rome, Italy Phone: +39 06 6562 2151 Fax: +39 06 6562 4733 Web site: http://www.alitalia.it PARMALAT U.S.A.: Wants to Employ Mahoney Cohen as Accountants ------------------------------------------------------------- Parmalat U.S.A. Corporation and its U.S. debtor-affiliates are asking the U.S. Bankruptcy Court for the Southern District of New York for permission to employ Mahoney Cohen & Company, CPA, P.C., as their accountants, nunc pro tunc to July 26, 2004. Mahoney will: -- provide tax compliance services, consisting of preparation of 2003 and 2004 federal, state and local corporate tax returns, tax-consulting services; -- represent the U.S. Debtors before various taxing authorities; -- perform an audit of the Debtors' financial statements for the year ended December 31, 2004, and, if needed, the year ended December 31, 2003; and -- perform any other services that it deems necessary in its role as accountants to the Debtors or that may be requested by the Debtors or their professionals. The U.S. Debtors believe that Mahoney is well qualified and able to represent them in a cost-effective, efficient and timely manner. Since July 26, 2004, Mahoney has provided substantial work for the Debtors, including an analysis of net operating losses, an analysis of the tax consequences of various prepetition transactions, and tax compliance work. Mahoney has also worked with various government agencies, including the Internal Revenue Service -- which is currently conducting an audit of the Debtors -- the State of New York, and the State of New Jersey to represent the Debtors' interests. Mahoney is a middle market certified public accounting and management consulting firm in the New York metropolitan area that has been ranked among the top 35 CPA firms nationally. Mahoney promotes its audit services as rigorous and thorough, with stringent quality controls that conform to generally accepted auditing standards. The firm's audit methodology analyzes a company's business within the context it its industry, providing a value-added service, looking for areas where savings can be realized, cost controls can be introduced and unforeseen business opportunities may exist. Mahoney also provides a wide range of tax compliance and planning solutions to businesses, trusts, private foundations and individuals, ensuring compliance requirements are fulfilled while every opportunity to minimize tax liabilities is explored. Steven E. Golden, a partner and director of Bankruptcy Taxation at Mahoney, will lead the Mahoney team assigned to the U.S. Debtors. Mr. Golden is a certified public accountant and a licensed attorney with extensive experience working with insolvent businesses ranging in size from small, privately held companies to large, publicly traded corporations throughout the United States. Before joining Mahoney, Mr. Golden was a tax partner and director of Bankruptcy Taxation at BDO Seidman, LLP. He has worked closely with bankruptcy attorneys and trustees on various issues relating to the liquidation or reorganization of bankrupt companies, including the cases of Starter Corporation, Loehmanns, Inc., Artha Management, Sasson Jeans and Cuyahoga. Mr. Golden has also been called upon to provide expert testimony in numerous matters, including Celotex's bankruptcy litigation. Mr. Golden is a published author and noted speaker. The U.S. Debtors will compensate Mahoney for its services in accordance with the firm's normal hourly rates: Professional Hourly Rate ------------ ----------- Shareholders and directors $365 - 435 Managers and senior managers 210 - 280 Senior accountants and staff 115 - 205 The Debtors will also reimburse the firm for all reasonable and necessary out-of-pocket expenses. Mahoney has agreed to cap the fees for the tax compliance services relating to the year ended December 31, 2003 at US$45,000. Mr. Golden assures the Court that Mahoney is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and as required by Section 327(a). The firm holds no interest adverse to the U.S. Debtors and their estates. The firm has no connection to the Debtors, their significant creditors or to certain other parties-in-interest. Headquartered in Wallington, New Jersey, Parmalat U.S.A. Corporation -- http://www.parmalatusa.com/-- generates more than EUR7 billion in annual revenue. The Parmalat Group's 40-some brand product line includes milk, yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company employs over 36,000 workers in 139 plants located in 31 countries on six continents. It filed for chapter 11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., of Weil Gotshal & Manges LLP, represent the Debtors in their restructuring efforts. On June 30, 2003, the Debtors listed EUR2,001,818,912 in assets and EUR1,061,786,417 in debts. (Parmalat Bankruptcy News, Issue No. 29; Bankruptcy Creditors' Service, Inc., 215/945-7000) CONTACT: PARMALAT USA CORPORATION 520 Main Ave. Wallington, NJ 07057 Phone: 973 777 2500 Fax: 973 777 7648 Toll Free: 888 727 6252 Web site: http://www.parmalatusa.com SEAT PG: First-half EBITDA Slightly Up -------------------------------------- First-half Financial Highlights (a) EBITDA increased to EUR207.3 million (+1.1% in pro-forma accounts for h1 2003), with a 37% ratio to revenues (35.8% in pro-forma h1 2003). (b) Cash generation increased to EUR300.5 million (EUR223.5 million in pro-forma accounts at June 30, 2003), thus improving significantly, with a 53.7% ratio to revenues (39.1% in pro-forma accounts for h1 2003). SEAT Pagine Gialle S.p.A. was incorporated on August 1, 2003 as a result of the partial proportional spin-off of former SEAT Pagine Gialle S.p.A. (renamed Telecom Italia Media S.p.A.) of the Directories business area (operating in the telephone directories sector, selling advertising and publishing print and online products), the Directory Assistance business area (that supplies voice information services), and the Business Information area (that supplies one-to-one marketing services, marketing intelligence and database management services to companies). On December 23, 2003 the merger of SEAT S.p.A. into Silver S.p.A. -- a company wholly held by Spyglass S.p.A. -- and of the resulting company into Spyglass S.p.A. became effective. Following the completion of this transaction, Spyglass S.p.A. was renamed SEAT Pagine Gialle S.p.A. In order to make the economic and financial figures of the SEAT Pagine Gialle Group easier to understand, the statutory and consolidated pro forma figures for the first half of 2003, the pro forma net invested capital and the pro forma net financial position at June 30, 2003, have been reconstructed as if the spin-off of SEAT Pagine Gialle S.p.A. from Telecom Italia Media S.p.A. (carried out on August 1, 2003) had been effective as of January 1, 2003. These pro-forma figures are therefore posted based on the 2003 consolidation area, which includes the figures of the Business Information companies transferred in 2004. The merger by incorporation that took place at the end of 2003, of SEAT S.p.A. in Silver S.p.A. and the resulting Company in Spyglass S.p.A. did not produce effects on revenues and operating cost items, or on operating working capital. Thus, it was not deemed essential to state the effects of these transactions in the pro forma income statement for H1 2003 and FY 2003. Compared to first half 2003 pro-forma accounts, the consolidation area was reduced as the French Group Consodata, Consodata Germany GmbH and the U.S. company NetCreations Inc. were sold during the six-month period. * * * In April, Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to the Italy-based classified directory publisher SEAT Pagine Gialle S.p.A. The outlook is negative. At the same time, Standard & Poor's assigned its 'B' long-term rating to SEAT's proposed EUR1.15 billion (US$1.38 billion) ten-year senior notes. The notes will be issued by Luxembourg-based Lighthouse International Co. S.A. and guaranteed on a subordinated basis (behind secured loans) by SEAT. The 'B' long-term rating is two notches below the corporate credit rating to reflect the subordinated position of the notes behind the group's EUR2.75 billion senior secured term loan facility, EUR150 million revolving credit facility, and proposed EUR150 million second lien loan note issue. CONTACT: SEAT Pagine Gialle S.p.A. Via A. Saffi 18 -10138 Torino Phone: +39 011 435 1 Web site: http://www.seat.it Investor Relations Office Phone: +39.011.435.26.00 Press Office Phone: +39.011.435.30.30 Fax: +39.011.435.30.40 E-mail: comunicazione.stampa@SEAT.it ===================== N E T H E R L A N D S ===================== NUMICO N.V.: Wraps up Buyout of Finnish Baby Food Brands -------------------------------------------------------- Royal Numico N.V. completed the acquisition of the leading Finnish baby food brands 'Tutteli' and 'Muksu' from Valio Group, for EUR57 million in cash. 'Tutteli' and 'Muksu' are leading baby food brands in Finland. Tutteli is the leading brand in the infant milk formula category primarily consisting of liquid formulas, whereas Muksu is a leading cereals brand. These two brands represent approximately EUR20 million in net sales and an operating income of approximately EUR5 million. The two brands and related financial results will be consolidated as of 8 September 2004. This add-on acquisition represents an excellent fit with Numico's overall strategic objective. The two acquired brands, coupled with Numico's leading position in the Finnish baby food specialities category, offer market leading positions and significant growth potential in a relatively underdeveloped market. Royal Numico is a specialized nutrition company with leading positions in Baby Food and Clinical Nutrition. The company operates in over 100 countries and employs approximately 10,500 people (http://www.numico.com). CONTACT: ROYAL NUMICO N.V. Corporate Communications Phone: +31 79 353 9931 Investor Relations Phone: +31 79 353 9003 ROYAL SHELL: Athabasca Project Sets Production Record ----------------------------------------------------- Shell Canada Limited said the Athabasca Oil Sands Project achieved record monthly production in August averaging 182,000 barrels per day of bitumen. After just more than one year of operations, the project has demonstrated its ability to meet and exceed the design rate of 155,000 barrels per day of bitumen on a sustained basis. "We ran full throttle in August, setting daily, weekly and now monthly production records," said Neil Camarta, Shell Canada's Senior Vice President Oil Sands. "I am very proud of the many people who have worked so hard over the past year to bring us to this level. We have focused on continuous improvement in production on a safe and sustained basis -- and it's paying out." August results will offset the lower production in July of 121,000 barrels per day related to unscheduled maintenance work on one of the froth treatment plant settlers. Follow-up maintenance work on the other two settlers is planned for October and will reduce production by approximately 50% for up to two weeks. The Athabasca Oil Sands Project consists of the Muskeg River Mine located north of Fort McMurray, Alberta and the Scotford Upgrader located near Edmonton. A joint venture among Shell Canada Limited (60%), Chevron Canada Limited (20%) and Western Oil Sands L.P. (20%), the Athabasca Oil Sands Project is Alberta's first new oil sands mining project in 25 years and can supply 10 per cent of Canada's oil needs. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com ROYAL SHELL: Sells Belgian Interests to Tractebel ------------------------------------------------- Belgian Shell has agreed to the sale of its 16.67% interest in each Distrigas S.A., the Belgian gas wholesale company, and Fluxys S.A., the Belgian gas transmission company to Suez-Tractebel, the utility group. Preemption rights of eligible co-shareholders need to be observed before the agreement can be effected. The agreement is the result of commercial discussions that had been initiated several months ago. It is in line with Shell's portfolio management strategy to maximize shareholder value. The prices agreed for the transaction are EUR1648/share for the shares held in Distrigas and EUR1600/share for the shares held in Fluxys, in line with share price levels in the recent past. The overall value of the transaction amounts to approximately EUR380.4 Million. CONTACT: ROYAL DUTCH/SHELL GROUP OF COMPANIES Carel van Bylandtlaan 30 2596 HR The Hague, The Netherlands Phone: +31 70 377 9111 Fax: +31 70 377 3115 Web site: http://www.shell.com =========== N O R W A Y =========== AKER KVAERNER: Wins GBP35 Mln Contract from U.K.'s Total -------------------------------------------------------- Total E&P U.K. plc awarded Aker Kvaerner a new contract worth approximately GBP35 million. The Aberdeen-based Aker Kvaerner Offshore Partner Limited will be responsible for supporting operations and maintenance at Total's St. Fergus gas terminal and on the Elgin/Franklin offshore assets in the North Sea. Aker Kvaerner Offshore Partner Ltd (AKOPL) is the existing contractor on Elgin/Franklin and will now, in addition, be taking over the responsibility for provision of services at St Fergus terminal as part of the same. Approval by Total's co-venturers for the arrangements has been sought. The new assignment is valued at approximately GBP6-7 million per year for the next 5 years. The work will involve the voluntary transfer of a number of personnel from both Total staff and from the incumbent St Fergus contractor to the AKOPL workforce. Aker Kvaerner Offshore Partner's Managing Director, Harald Gulaker said the award of this new contract was a significant acknowledgement of the Company's track record: "We have a good reputation for our expertise and experience in the area of maintenance and operations and we are delighted to have been successful in this extremely rigorous selection process. We look forward to working in partnership with Total, to build on our performance and safely meet their business challenges." Total E&P U.K. plc Managing Director, Michel Contie said: "I am confident that this new contract with the right contractors will create the framework for a more dynamic, sustainable future for our U.K. operations." The St Fergus gas terminal receives and processes up to 20% of the U.K.'s natural gas requirements from 20 offshore fields, while the Elgin/Franklin fields produce around 5% of the U.K.'s gas consumption. The new contract will become operational in January 2005 and run until 2010. AKER KVAERNER ASA, through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The business within Aker Kvaerner span a number of industries, including Oil & Gas production, Refining & Chemicals, Mining & Metals, Pharmaceuticals & Biotechnology, Power Generation and Pulp & Paper. Aker Kvaerner has aggregated annual revenues of approximately US$4.5 billion and employs around 21,000 employees in more than 30 countries. The Aker Kvaerner group consists of a number of separate legal entities. Aker Kvaerner is used as the common brand/trademark for most of these entities. The parent company in the group is Aker Kvaerner A.S.A. MMO Europe (Maintenance, Modifications and Operations) is the business area responsible for the Aker Kvaerner's MMO competencies and capacities, serving the Norwegian and U.K. Continental Shelf, and supporting selected international initiatives. The core competencies are turn-key deliveries offshore modifications, long term on- and offshore modification and maintenance contracts, inspection, operation and operations support, offshore removal and de-construction and subsurface advisory. Aker Kvaerner Offshore Partner Ltd (AKOPL) is a business unit within the MMO business area and a leading provider of world-class solutions in total "life-of-field" support services to the oil and gas industry. AKOPL's engineering and design capability extends from front-end consultancy through operations and maintenance support, to decommissioning and removal. AKOPL offers extensive experience of value-added solutions that have produced significant cost savings, faster project delivery and greater long-term value to our customers. * * * In April, Fitch Ratings assigned a rating of 'BB' to the Aker Kvaerner AS EUR260 million second priority lien notes issue guaranteed by Aker Kvaerner O&G Group AS (AK O&G). This follows a review of final documentation on the basis of which Fitch confirms the expected rating assigned to these notes on March 12, 2004. The agency's Senior Unsecured rating for AK O&G is 'BB' with a Stable Outlook. The 'BB' rating assigned to the notes, at the same level as the Senior Unsecured rating, reflects the agency's view of the potential recovery prospects of the notes, based on the pro- forma capital structure of the group. Although the notes are contractually subordinated to a EUR150 million senior secured credit facility, and contractually and structurally subordinated to a EUR6.8 million (NOK57 million) project financing loan and bonding facilities in excess of EUR400 million (NOK3 billion), the value within the business should ensure substantial recovery for the note holders. The notes mature on June 15, 2011 and will accrue interest at a rate of 8.375% per annum. The issuer may redeem some or all of the notes from June 15, 2007. This three-year non-call period is shorter than the average that Fitch has typically seen in the market. Subject to covenants being met, the notes are subject to a EUR160 million carve-out for additional indebtedness. Current ratings do not assume a need for additional indebtedness. The net proceeds from the issue of the notes will be held in an escrow account until the new EUR150 million senior secured credit facility is fully in place and bonding facilities have been amended. This is partly conditional upon the completion of the initial public offering of shares by Aker Kvaerner ASA, the new holding company of AK O&G and the Kvaerner Group's engineering and construction businesses. Once all conditions have been fulfilled, proceeds from the notes will be used to repay certain inter-company indebtedness owed to companies outside of AK O&G. CONTACT: AKER KVAERNER Media: Lasse Torkildsen Vice President, Group Comms. Phone: +47 67 51 30 39 =========== P O L A N D =========== ELEKTRIM SA: EBRD Defers Decision on EUR75 Million Loan ------------------------------------------------------- The European Bank for Reconstruction and Development (EBRD) has again moved its schedule for approving the EUR75 million loan requested by Warsaw-based telecom and power group Elektrim, Interfax-Europe reports. The bank said it might consider and approve the loan on October 5, some months after its previously planned September 6 and July 6 ruling. The approval is necessary for the release of another EUR300 million loan to Elektrim from a six-bank consortium. Both funding are intended to help Elektrim finish building the Patnow II power block. Elektrim promised to invest in the upgrade of the plant when it bought PAK, which includes the Patnow power plant and two others, in 1999. It agreed to invest a total of US$1 billion in the three PAK power plants. Elektrim spokeswoman Ewa Bojar four months ago warned delays in the release of the EUR75 million funding could delay construction works, threatening the entire project, and forcing Elektrim to miss the July 2006 deadline set by the Treasury for its completion. Ms. Bojar said in April construction work must start early in July for the firm to meet the deadline. "The delay is significant but we don't want to comment on the EBRD's decision. The main difficulty in credits for PAK is the question of long-term energy contracts, which are very large barrier in organizing financing, as the banks don't know how the plants will sell the electric power," she now said. The company is still hoping it will meet the deadline. Work in the plant was suspended in May 2003 due to lack of funding and a disagreement with the Treasury over building deadlines. In October 2003, Elektrim and Poland's State Treasury a deal to extend to July 1, 2006 the deadline. CONTACT: ELEKTRIM S.A. Public Relations: Ewa Bojar Phone: (+48 22) 432 89 55 Fax: (+48 22) 432 87 99 E-mail: ewa_bojar@elektrim.pl Investor Relations: Phone: (+48 22) 432 87 75 Fax: (+48 22) 432 87 99 Web site: http://www.elektrim.pl =========== R U S S I A =========== KALUGA-AGRO-PROM-ENERGO: Names I. Smirnov Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Kaluga region has commenced bankruptcy supervision procedure on OJSC Kaluga-Agro-Prom-Energo (TIN 4027030056). The case is docketed as A23-1459/04B-17-56. Mr. I. Smirnov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 248001, Russia, Kaluga, Post User Box 308. A hearing will take place on January 10, 2005. CONTACT: KALUGA-AGRO-PROM-ENERGO Russia, Kaluga region, 3rd Tarutinsky Pr. 4 Mr. I. Smirnov Temporary Insolvency Manager 248001, Russia, Kaluga, Post User Box 308 KERAMIK: Court Sets October 26 Hearing -------------------------------------- The Arbitration Court of Komi republic has commenced bankruptcy supervision procedure on ceramic company LLC Keramik. The case is docketed as A29-4118/04-3B. Mr. A. Gubarets has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 169300, Russia, Komi republic, Ukhta, Lenina Pr. 61, Apartment 60. A hearing will take place at Russia, Komi republic, Syktyvkar, Ordzhonikidze Str. 49A on October 26, 2004, 10:00 a.m. CONTACT: KERAMIK 169306, Russia, Komi republic, Dezhneva Str. 31 Mr. A. Gubarets Temporary Insolvency Manager 169300, Russia, Komi republic, Ukhta, Lenina Pr. 61, Apartment 60 KRASNOUFIMSKAYA GARMENT: Succumbs to Bankruptcy ----------------------------------------------- The Arbitration Court of Sverdlovsk region has declared OJSC Krasnoufimskaya Garment Factory insolvent and introduced bankruptcy proceedings. The case is docketed as A60-29118/2-3-S1. Mr. D. Kostromin has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 620027, Russia, Ekaterinburg, Post User Box 206. CONTACT: KRASNOUFIMSKAYA GARMENT FACTORY 623300, Russia, Sverdlovsk region, Krasnoufimsk, Lesozavodskaya Str. 15 Mr. D. Kostromin Insolvency Manager 620027, Russia, Ekaterinburg, Post User Box 206 MALAKHOVSKOYE RING: Under Bankruptcy Supervision ------------------------------------------------ The Arbitration Court of Altay region has commenced bankruptcy supervision procedure on OJSC Malakhovskoye Ring. The case is docketed as A03-6543/04-B. Ms. L. Ostanina has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 656002, Russia, Altay region, Barnaul, Sovetskaya Str. 14. CONTACT: MALAKHOVSKOYE RING 656054, Russia, Altay region, Barnaul, Malakhova Str. 84 Ms. L. Ostanina Temporary Insolvency Manager 656002, Russia, Altay region, Barnaul, Sovetskaya Str. 14 NARYSHKINSKOYE BREAD: Orel Court Appoints Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Orel region has commenced bankruptcy supervision procedure on OJSC Naryshkinskoye Bread Receiving Enterprise. The case is docketed as A48-3207/04-37b. Mr. A. Evseev has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to: (a) The Arbitration Court of Orel region Russia, Orel, Saltykova-Shedrina Str. 22 (b) Naryshkinskoye Bread Receiving Enterprise Russia, Orel region, Naryshkino, Revkova Str. 28 (c) Temporary Insolvency Manager 302004, Russia, Orel region, 3rd Kurskaya Str. 15 Phone/Fax: 75-59-89 A hearing will take place on September 24, 2004, 10:30 a.m. NOVOKUZNETSKAYA GEOLOGIC-GEOPHYSICAL: Declared Insolvent -------------------------------------------------------- The Arbitration Court of Kemerovo region has declared OJSC Novokuznetskaya Geologic-Geophysical Expedition insolvent and introduced bankruptcy proceedings. The case is docketed as A27-121162/2003-4. Mr. M. Mokshin has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to: (a) Mr. M. Mokshin Insolvency Manager 654005, Russia, Kemerovo region, Novokuznetsk, Ordzhonikidze Str. 13, Office 304 (b) Novokuznetskaya Geologic-Geophysical Expedition Russia, Kemerovo region, Novokuznetsk A hearing will take place at the Arbitration Court of Kemerovo region on March 31, 2005, 1:30 p.m. OLYMSKY SUGAR: Gives Creditors Until September 19 to File Claims ---------------------------------------------------------------- The Arbitration Court of Kursk region has declared OJSC Olymsky Sugar Refinery insolvent and introduced bankruptcy proceedings. The case is docketed as A35-313/02g. Mr. A. Fomin has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 107045, Russia, Moscow, Sretensky Avenue, 5, Post User Box 161. CONTACT: OLYMSKY SUGAR REFINERY 306716, Russia, Kursk region, Kastorensky region, Olymsky Mr. A. Fomin Insolvency Manager 107045, Russia, Moscow, Sretensky Avenue, 5, Post User Box 161 PENZA CITY-SOVIET: Undergoes External Management Procedure ---------------------------------------------------------- The Arbitration Court of Penza region has commenced external management bankruptcy procedure on municipal unitary enterprise Penza City-Soviet. The case is docketed as A49-5178/03-74b/10. Mr. S. Konchurov has been appointed external insolvency manager. CONTACT: PENZA CITY-SOVIET Russia, Penza, Titova Str. 6B PODOLSKY ELECTRO-MECHANICAL: Under Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on OJSC Podolsky Electro-Mechanical Plant. The case is docketed as A41-K2-884/04. Mr. V. Ryabchenko has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 111250, Russia, Moscow, Krasnokazarmennaya Str. 9. CONTACT: PODOLSKY ELECTRO-MECHANICAL PLANT 142105, Russia, Moscow region, Podolsk, B. Serpukhovskaya Str. 43 Mr. V. Ryabchenko Temporary Insolvency Manager 111250, Russia, Moscow, Krasnokazarmennaya Str. 9 Phone/Fax: 258-93-20 PROMORSKY FISH: Bankruptcy Proceedings Begin -------------------------------------------- The Arbitration Court of Saint-Petersburg and the Leningrad region has declared OJSC Promorsky Fish Combine insolvent and introduced bankruptcy proceedings. The case is docketed as A56-2062/04. Ms. U. Durneva has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 191119, Russia, Saint-Petersburg, Post User Box 131. CONTACT: PROMORSKY FISH COMBINE 188910, Russia, Leningrad region, Vyborg region, Primorsk, Gagarina Pr. 1 Ms. U. Durneva Insolvency Manager 191119, Russia, Saint-Petersburg, Post User Box 131 ROS-MYAS-MOL-PROM: Court Sets September 23 Hearing -------------------------------------------------- The Arbitration Court of Moscow region has commenced bankruptcy supervision procedure on OJSC Ros-Myas-Mol-Prom Development-Renewal-Equalizing of Meat and Dairy Industry. The case is docketed as A40-17910/04-71-14B. Mr. A. Sergovsky has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 101000, Russia, Moscow, Lubyansky Per. 5, building 1. A hearing will take place on September 23, 2004, 2:30 p.m. CONTACT: ROS-MYAS-MOL-PROM DEVELOPMENT-RENEWAL-EQUALIZING OF MEAT AND DAIRY INDUSTRY Russia, Moscow, SSPost-4, Seleznyevskaya Str. 11A Mr. A. Sergovsky Temporary Insolvency Manager 101000, Russia, Moscow, Lubyansky Per. 5, Building 1 SCIENTIFIC RESEARCH: Under Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Penza region has commenced bankruptcy supervision procedure on OJSC Scientific Research Institute Of Computer Facilities. The case is docketed as A49-2791/04-61b/20. Mr. E. Kallistov has been appointed temporary insolvency manager. Creditors may submit their proofs of claim to 440026, Russia, Penza, Lermontova Str. 3. A hearing will take place at the Arbitration Court of Penza region on November 18, 2004, 10:00 a.m. CONTACT: SCIENTIFIC RESEARCH INSTITUTE OF COMPUTER FACILITIES 440026, Russia, Penza, Lermontova Str. 3 Phone: 841-2-552047 Fax: 841-2-551903 Mr. E. Kallistov Temporary Insolvency Manager 440026, Russia, Penza, Lermontova Str. 3 Phone: 841-2-552047 Fax: 841-2-551903 The Arbitration Court of Penza region 440600, Russia, Penza, GSP, Belinskogo Str. 2 TERRA-TECHNOLOGY: Deadline for Filing of Claims September 19 ------------------------------------------------------------ The Arbitration Court of Moscow region has declared CJSC Terra-Technology (TIN 7710363467, OGRN 1027739174506) insolvent and introduced bankruptcy proceedings. The case is docketed as A40-56666/03-124-39B. Ms. E. Fedorova has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 125009, Russia, Moscow. CONTACT: TERRA-TECHNOLOGY 123056, Russia, Moscow, B. Gruzinskaya Str. 60, Building 1 Ms. E. Fedorova Insolvency Manager 125009, Russia, Moscow ULAN-UDENSKY: Gives Creditors Until September 19 to File Claims ---------------------------------------------------------------- The Arbitration Court of Buryatiya republic has declared municipal unitary enterprise Ulan-Udensky Hothouse Combine insolvent and introduced bankruptcy proceedings. The case is docketed as A10-8225/01. Ms. D. Badmazhapova has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 670013, Russia, Buryatiya republic, Ulan-Ude, Klyuchevskaya Str. 26, Apartment 36. CONTACT: Ms. D. Badmazhapova Insolvency Manager 670013, Russia, Buryatiya republic, Ulan-Ude, Klyuchevskaya Str. 26, Apartment 36 ULYANOVSKOYE TRADE: Insolvency Manager Takes over Helm ------------------------------------------------------ The Arbitration Court of Ulyanovsk region has declared OJSC Ulyanovskoye Trade Leather-Shoe Corporation insolvent and introduced bankruptcy proceedings. The case is docketed as A72-1002/03-G15-B. Mr. Y. Starchenko has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 963. CONTACT: ULYANOVSKOYE TRADE LEATHER-SHOE CORPORATION 453300, Russia, Ulyanovsk, Gaya Pr. 69 Mr. Y. Starchenko Insolvency Manager 433513, Russia, Ulyanovsk region, Dimitrovograd, Post User Box 963 YUGO-KAMSKY: Perm Court Opens Bankruptcy Proceedings ---------------------------------------------------- The Arbitration Court of Perm region has declared OJSC Yugo-Kamsky Engineering Plant in Name of Lepse insolvent and introduced bankruptcy proceedings. The case is docketed as A50-1215/2004-B. Ms. L. Syrvacheva has been appointed insolvency manager. Creditors have until September 19, 2004 to submit their proofs of claim to: (a) Yugo-Kamsky Engineering Plant in Name of Lepse 614526, Russia, Perm region, Perm region, Yugo-Kamsky, Kirova Str. 1 (b) Ms. L. Syrvacheva, insolvency manager 614068, Russia, Perm, Bolshevistskaya Str. 163 Phone: (3422) 16-39-33, 36-68-46. (c) The Arbitration Court of Perm region 614990, Russia, Perm, Lunacharskogo Str. 3 YUKOS OIL: Second-quarter, First-half Oil Production Up ------------------------------------------------------- Yukos Oil Company released Tuesday its preliminary consolidated operating results for the second quarter and first six months of 2004. Second Quarter 2004 vs. Second Quarter 2003 Yukos' production was 21.3 million metric tons (156 million barrels) of crude oil and gas condensate, including 0.4 million metric tons (3.2 million barrels) of Yukos' interest in production of equity affiliates in the second quarter of 2004, which is 8.0% more than in the corresponding period of 2003. Refinery throughput increased by 7.7% in the second quarter of 2004 to 9.6 million metric tons (70 million barrels). Gas production increased by 28.9% from 1.15 billion cubic meters (40.7 billion cubic feet) in the second quarter of 2003 to 1.49 billion cubic meters (52.5 billion cubic feet) in the second quarter of 2004, including 0.45 billion cubic meters (15.9 billion cubic feet) of YUKOS' interest in production of equity affiliates. In the second quarter of 2004 international sales of crude oil were 11.8 million metric tons (86 million barrels), an increase of 3.1% over the corresponding period of 2003. Excluded from the international sales of crude oil were 1.5 million metric tons (11 million barrels) of inter-company sales of crude oil to Mazeikiu Nafta as well as other inter-company sales in the second quarter of 2004. International sales of petroleum products were at a level of 4.6 million metric tons (35 million barrels) in the second quarter of 2004, which is 9.7% higher than in the second quarter of 2003. Sales of petroleum products on the Russian domestic market in the second quarter of 2004 were 4.1 million metric tons (32 million barrels), which is 6.1% lower than in the corresponding period of 2003. In the second quarter of 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 13.3 million metric tons (97 million barrels), an increase of 7.5% over the second quarter of 2003. Exports of petroleum products outside the territory of the Russian Federation were 3.0 million metric tons (21 million barrels) in the second quarter of 2004, a decrease of 2.8% over the corresponding period of 2003. The light product yield at Company refineries, including Mazeikiu Nafta, was 59.73% in the second quarter of 2004, compared to 59.89% in the second quarter of 2003. Excluding Mazeikiu Nafta, the light product yield was 58.65% in the second quarter of 2004, compared to 58.10% in the second quarter of 2003. Yukos drilled 227.5 thousand meters of production wells in the second quarter of 2004, 27.5% less than in the second quarter of 2003 excluding Yukos' interest in equity affiliates. Placed on stream in the second quarter of 2004 were 76 new wells compared to 95 in the second quarter of 2003 excluding Yukos' interest in equity affiliates. First Six Months 2004 vs. First Six Months 2003 Yukos' production was 42.4 million metric tons (310 million barrels) of crude oil and gas condensate, including 0.8 million metric tons (6.1 million barrels) of Yukos' interest in production of equity affiliates in the first six month of 2004, which is 8.7% more than in the corresponding period of 2003. Refinery throughput increased by 7.2% in the first six months of 2004 to 19.4 million metric tons (142 million barrels). Gas production increased by 23.1% from 2.66 billion cubic meters (93.9 billion cubic feet) in the first six months of 2003 to 3.27 billion cubic meters (115.6 billion cubic feet) in the corresponding period of 2004, including 0.86 billion cubic meters (30.5 billion cubic feet) of YUKOS' interest in production of equity affiliates. In the first six months of 2004 international sales of crude oil were 23.6 million metric tons (173 million barrels), an increase of 11.4% over the first six months of 2003. Excluded from the international sales of crude oil were 3.5 million metric tons (26 million barrels) of inter-company sales of crude oil to Mazeikiu Nafta as well as other inter-company sales in the first half of 2004. International sales of petroleum products were at a level of 9.4 million metric tons (71 million barrels) in the first six months of 2004, which is 17.2% higher than in the corresponding period of 2003. Sales of petroleum products on the Russian domestic market in the first six months of 2004 were 7.9 million metric tons (61 million barrels), which is 10.7% lower than in the first six months of 2003. In the first six months of 2004 exports of crude oil outside the territory of the Russian Federation including sales to Mazeikiu Nafta were 26.8 million metric tons (196 million barrels), an increase of 13.3% over the first six months of 2003. Exports of petroleum products outside the territory of the Russian Federation were 5.8 million metric tons (42 million barrels) in the first six months of 2004, an increase of 9.4% over the corresponding period of 2003. The light product yield at Company refineries, including Mazeikiu Nafta, was 61.77% in the first six months of 2004, compared to 60.30% in the corresponding period of 2003. Excluding Mazeikiu Nafta, the light product yield was 58.76% in the first six months of 2004, compared to 57.92% in the first six months of 2003. Yukos drilled 397.2 thousand meters of production wells in the first six months of 2004, 26.1% less than in the corresponding period of 2003 excluding Yukos' interest in equity affiliates. Placed on stream in 1 half 2004 were 141 new wells compared to 168 in the first half of 2003 excluding Yukos' interest in equity affiliates. Table 1: YUKOS preliminary operational results for the second quarter of 2004 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Three months Three months % ended June 30 ended June 30 change (mln. MT) (mln. bbl.*) 2Q04 to 2004 2003 2004 2003 2Q03* Crude oil production, Including equity affiliates 21.3 19.7 155.7 144.2 8.0% Yukos share in crude oil production of equity affiliates 0.4 0.2 3.2 1.4 134.3% Refinery throughput 9.6 8.9 70.0 65.0 7.7% Crude and oil product sales 20.5 20.1 153.6 149.0 2.0% International sales of crude oil 11.8 11.4 86.0 83.4 3.1% International sales of oil products 4.6 4.2 35.0 30.3 9.7% Domestic oil product sales 4.1 4.4 32.1 34.3 -6.1% Export of crude oil 13.3 12.3 96.9 90.2 7.5% Export of oil products 3.0 3.1 21.2 21.4 -2.8% - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Table 2: YUKOS preliminary operational results for the first six months of 2004 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Six months Six months % ended June 30 ended June 30 change (mln. MT) (mln. bbl.*) 1H04 to 2004 2003 2004 2003 1H03* Crude oil production, including equity affiliates 42.4 39.0 310.0 285.3 8.7% Yukos share in crude oil production of equity affiliates 0.8 0.2 6.1 1.7 258.8% Refinery throughput 19.4 18.1 142.1 132.6 7.2% Crude and oil product sales 41.2 38.4 306.4 281.6 7.3% International sales of crude oil 23.6 21.2 172.7 155.1 11.4% International sales of oil products 9.4 8.0 71.1 58.4 17.2% Domestic oil product sales 7.9 8.9 61.1 66.5 -10.7% Export of crude oil 26.8 23.6 195.9 172.9 13.3% Export of oil products 5.8 5.3 42.1 39.0 9.4% * Percentage changes and volume data in barrels were calculated from the volume data in metric tons before rounding. For petroleum products approximate weighted average coefficients were used, which can be different for domestic and international sales as well as for different time periods. ** Exports of crude oil and petroleum products mean sales made by YUKOS companies domiciled in Russia to foreign companies (both external foreign companies and YUKOS companies domiciled outside Russia) for use outside the territory of the Russian Federation. International sales of crude oil and petroleum products mean sales made by all YUKOS companies included in YUKOS consolidated US GAAP financial statements to external foreign companies for use outside the territory of the Russian Federation. External foreign companies mean foreign companies, which are not included in YUKOS consolidated U.S. GAAP financial statements. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - All the information provided in the press release does not include Sibneft data. CONTACT: YUKOS OIL Investor Relations Alexander Gladyshev Phone: +7 095 788 00 33 E-mail: investors@yukos.ru Press Service Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru International Information Department Hugo Erikssen Phone: + 7 095 540-63-13 E-mail: inter@yukos.ru YUKOS OIL: Hearing on Tax Cases to Continue Next Week ----------------------------------------------------- The hearing of the tax evasion cases filed against Yukos executives and the company's appeal on its back tax bill will resume Tuesday. The Meshchansky court of Moscow will continue hearing witnesses for the prosecution in the tax evasion case against Yukos executives on Tuesday, defense lawyer Genrikh Padva told Itar-Tass. The previous hearing was adjourned after one of the judges fell ill. Prosecutors have so far presented 13 of its more than 100 witnesses since the beginning of the proceedings. Defendants in the case are Yukos ex-CEO Mikhail Khodorkovsky, Menatep CEO Platon Lebedev; and Andrei Krainov, former director of the firm Volna. They are facing seven counts of charges, including tax evasion and misappropriation of shares in the acquisition of Apatit company in 1994. Prosecutors claim they unlawfully acquired 20% of Apatit shares through Volna firm. Mr. Krainov is being tried as accessory. Meanwhile, the Moscow arbitration court also postponed the hearing on Yukos' appeal until September 14, according to Interfax. According to the court, it decided to postpone the hearing at the tax ministry's request because it is currently heavily occupied with other matters. CONTACT: YUKOS OIL Investor Relations Alexander Gladyshev Phone: +7 095 788 00 33 E-mail: investors@yukos.ru Press Service Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru International Information Department Hugo Erikssen Phone: + 7 095 540-63-13 E-mail: inter@yukos.ru YUKOS OIL: To Contest Order to Pay Tax Bill for 2001 ---------------------------------------------------- Yukos Oil plans to appeal the decision of the Federal Tax Service to collect payments for its tax debts. Company spokesman Alexander Shadrin said the tax service has started collecting RUB79.3 billion (US$2.7 billion) in back taxes for 2001, according to The Moscow Times. In a statement, Yukos said tax officials have decided to treat the payment demand as a "no-contest claim." The company's tax arrears for 2001 is RUB119.9 billion. Mr. Shadrin said the US$2.7 billion is the actual claim for 2001, while the rest are penalties. He said tax authorities need a court ruling before it can collect penalties. The company vowed to appeal. The tax service was not immediately available for comment, according to the report. Yukos' total tax bill for 2000 and 2001 is now US$6.1 billion. Analysts expect the figure to reach more than US$10 billion. They fear Yukos' key Siberian oil unit, Yuganskneftegaz might even be sold to cover the debt. CONTACT: YUKOS OIL Investor Relations Alexander Gladyshev Phone: +7 095 788 00 33 E-mail: investors@yukos.ru Press Service Alexander Shadrin Phone: +7 095 785-08-55 E-mail: pr@yukos.ru International Information Department Hugo Erikssen Phone: + 7 095 540-63-13 E-mail: inter@yukos.ru ZAP-SIB: Bankruptcy Case Pending in Tomsk Arbitration Court ----------------------------------------------------------- The Arbitration Court of Tomsk region has declared LLC Zap-Sib (TIN 7021034973) insolvent and introduced bankruptcy proceedings. The case is docketed as A67-5848/04. Mr. A. Miftakhov has been appointed insolvency manager. Creditors may submit their proofs of claim to: (a) Mr. A. Miftakhov Insolvency Manager 634021, Russia, Tomsk-21, Post User Box 1795 (b) The Arbitration Court of Tomsk region 634050, Russia, Tomsk, Kirova Pr. 10 (c) Zap-Sib 634021, Russia, Tomsk, Frunze Pr. 152 ============= U K R A I N E ============= AGROZAPCHASTINA: Under Bankruptcy Supervision --------------------------------------------- The Economic Court of Zaporizhya region has commenced bankruptcy supervision procedure on LLC Agrozapchastina (code EDRPOU 24512012). The case is docketed as 19/115 (04). Arbitral manager Mrs. N. Chursina (License Number AA 783018) has been appointed temporary insolvency manager. The company holds account number 26005210284001 at CB Privatbank, Zaporizhya regional branch. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) AGROZAPCHASTINA 72315, Ukraine, Zaporizhya region, Melitopol, B. Hmelnitskij Avenue 20, 215 (b) Mrs. N. Chursina Temporary Insolvency Manager Ukraine, Zaporizhya region, Melitopol, Sirtsov Str. 40 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 CHERNIGIV' DRUZHBA: Court Orders Debt Moratorium ------------------------------------------------ The Economic Court of Chernigiv region commenced bankruptcy supervision procedure on OJSC Chernigiv' Commercial House Druzhba (code EDRPOU 01564420) on March 5, 2004 and ordered a moratorium on satisfaction of creditors' claims. The case is docketed as 5/85 B. Arbitral manager Mrs. Olena Mayevska (License Number AA 487819 approved on April 30, 2003) has been appointed temporary insolvency manager. The company holds account number 26000301830452 at JSCB Prominvestbank, MFO 353456. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) CHERNIGIV' COMMERCIAL HOUSE DRUZHBA 14005, Ukraine, Chernigiv region, Miru Avenue, 30 (b) Mrs. Olena Mayevska Temporary Insolvency Manager Ukraine, Kyiv region, Brovari district, Kalita, Shevchenko Str. 20/22 Phone: 8 (050) 443-93-21 (c) ECONOMIC COURT OF CHERNIGIV REGION 14000, Ukraine, Chernigiv region, Miru Avenue, 20 DERAZHNYA' SUGAR: Public Auction of Assets Set September 16 ----------------------------------------------------------- The Branch of Agency of Bankruptcy Questions in Hmelnitskij Region and the liquidator of OJSC Derazhnya' Sugar Plant will auction the firm's properties on September 16, 2004, 10:00 a.m. at 29000, Ukraine, Hmelnitskij, Teatralna Str. 10, assembly hall premises of Agency of Bankruptcy Questions of Hmelnitskij region. The properties for sale are: (a) Immovable property and a group of buildings and constructions (10 units). Starting price is UAH881,880 (inclusive of VAT); (b) Immovable property and a group of building and constructions (112 units). Starting price is UAH630,570 (inclusive of VAT); and (c) Movable property and a group of building and constructions (1260 units). Starting price is UAH3184343 (inclusive of VAT). The properties are located at Ukraine, Hmelnitskij region, Derazhnya, Zavodska Str. 5. To participate, bidders must deposit an amount equivalent to 5% of the value of the property being sold and pay a registration fee of UAH34 until September 15, 2004. The 5% deposit must be paid to account number 260057155 at JSPPB Aval, Hmelnitskij regional branch, MFO 315966, EDRPOU 25993539, while the registration fee must be paid to account number 260087154 at JSPPB Aval, Hmelnitskij regional branch, MFO 315966, EDRPOU 26334909. Participants must submit competitive propositions on or before September 15, 2004 at Ukraine, Hmelnitskij, Soborna Str. 42. For more information, call 8 (03822) 70-22-09. CONTACT: AUCTION COMMITTEE Ukraine, Hmelnitskij region, Soborna Str. 42 Phone: 8 (03822) 70-22-09 KRASNOPILSKE AUTO 15940: Court Appoints Insolvency Manager ---------------------------------------------------------- The Economic Court of Sumi region commenced bankruptcy supervision procedure on OJSC Krasnopilske Auto Transport Enterprise 15940 (code EDRPOU 00727239) on June 30, 2004. Arbitral manager Mr. Andrij Sisoyev (License Number AA 485260 approved on April 9, 2003) has been appointed temporary insolvency manager. The company holds account number 26006310134 at OJSC State savings bank of Ukraine, Lebedin branch, MFO 337665. CONTACT: KRASNOPILSKE AUTO TRANSPORT ENTERPRISE 15940 Ukraine, Sumi region, Krasnopillya, Mezenivska Str. 105 Mr. Andrij Sisoyev Temporary Insolvency Manager 40022, Ukraine, Sumi region, Psilska Str. 4, office 9 Phone: 22-19-78, 21-84-21 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 KRUSHINKA-GARDEN: Proofs of Claim Deadline Set September 17 ----------------------------------------------------------- The Economic Court of Kyiv region has commenced bankruptcy supervision procedure on OJSC Krushinka-Garden (code EDRPOU 19424932). The case is docketed as 38/14 B-04. Mr. Vyacheslav Letskan (License Number AA 419239 approved on October 21, 2002) has been appointed temporary insolvency manager. The company holds account number 26008451 at JSPPB Aval, Vasilkivska branch, MFO 321994. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) KRUSHINKA-GARDEN Ukraine, Kyiv region, Vasilkivskij district, Krushinka, Kolgospna Str. 6 (b) Mr. Vyacheslav Letskan Temporary Insolvency Manager Ukraine, Kyiv region, Dovzhnko Str. 16-c/42 (c) ECONOMIC COURT OF KYIV REGION 01033, Ukraine, Kyiv region, Zhelyanska Str. 58 b LIPOVODOLINSKE: Sumi Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Economic Court of Sumi region declared LLC Agroindustrial Company Lipovodolinske (code EDRPOU 01766106) insolvent and introduced bankruptcy proceedings on July 12, 2004. The case is docketed as 12/25-04. Arbitral manager Mr. S. Chzhen (License Number AA 250088 approved on November 30, 2001) has been appointed liquidator/insolvency manager. The company holds account number 26007304 at OJSC Oshadbank of Ukraine, Lipova Dolina branch, MFO 337698. CONTACT: AGROINDUSTRIAL COMPANY LIPOVODOLINSKE 42500, Ukraine, Sumi region, Lipova Dolina, Romenska Str. 51 ECONOMIC COURT OF SUMI REGION 40477, Ukraine, Sumi region, Ribalko Str. 2 MTS-SOUTH: Bankruptcy Supervision Begins ---------------------------------------- The Economic Court of Zaporizhya region commenced bankruptcy supervision procedure on LLC MTS-South (code EDRPOU 24519876) on June 10, 2004. The case is docketed as 25/98. Arbitral manager Mr. Vyacheslav Rubashko (License Number AA 719883) has been appointed temporary insolvency manager. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) MTS-SOUTH 72500, Ukraine, Zaporizhya region, Yakimivka, B. Hmelnitskij Str. 2 (b) Mr. Vyacheslav Rubashko Temporary Insolvency Manager 72319, Ukraine, Zaporizhya region, Melitopol, Fuchek Str. 14 Phone: 8 (050) 684-32-83 (c) ECONOMIC COURT OF ZAPORIZHYA REGION 69001, Ukraine, Zaporizhya region, Shaumyana Str. 4 SHUMSKIJ AGROPOSTACH: Last Day for Filing Claims September 17 ------------------------------------------------------------- The Economic Court of Ternopil region has commenced bankruptcy supervision procedure on OJSC Shumskij Agropostach (code EDRPOU 00907208). The case is docketed as 11/B-446. Mr. Volodimir Stepanov (License Number AA 520149) has been appointed temporary insolvency manager. The company holds account number 26004410120001 at JSCB Ukraine, MFO 338233. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) SHUMSKIJ AGROPOSTACH Ukraine, Ternopil region, Shumsk, I. Franko Str. 2 (b) Mr. Volodimir Stepanov Temporary Insolvency Manager Ukraine, Ternopil region, I. Franko Str. 7/7 (c) ECONOMIC COURT OF TERNOPIL REGION 46000, Ukraine, Ternopil region, Ostrozski Str. 14a TECHNOFTEROS: Proofs of Claim Deadline Expires September 17 ----------------------------------------------------------- The Economic Court of Harkiv region commenced bankruptcy supervision procedure on LLC Technofteros (code EDRPOU 30288423) on August 6, 2004. The case is docketed as B-25/51-04. Arbitral manager Mr. V. Zarivajko (License Number AA 668332 approved on October 23, 2003) has been appointed temporary insolvency manager. The company holds account number 260070133783 at OJSC Inprombank, MFO 351878. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) TECHNOFTEROS Ukraine, Harkiv region, Trufanov Str. 14/39 (b) Mr. V. Zarivajko Temporary Insolvency Manager Ukraine, Harkiv region, Petrovskij Str. 6/8-15 Phone: 7-55-97 (c) ECONOMIC COURT OF HARKIV REGION 61022, Ukraine, Harkiv region, Svobodi square, 5, Derzhprom, 8th entrance TERA LTD.: Court Affirms Insolvency ----------------------------------- The Economic Court of Kyiv declared LLC Firm Tera LTD. (code EDRPOU 21584264) insolvent and introduced bankruptcy proceedings on July 26, 2004. The case is docketed as 46/56-B. Mr. Volodimir Kolomiyets has been appointed liquidator/insolvency manager. The company holds account number 26004000020602 at JSCB Kyiv region, MFO 322498. Creditors have until September 17, 2004 to submit their proofs of claim to: (a) FIRM TERA LTD. Ukraine, Kyiv region, Prorizna Str. 2 (b) Mr. Volodimir Kolomiyets Liquidator/Insolvency Manager Ukraine, Kyiv region, Mayakovskij Avenue, 64a/198 (c) ECONOMIC COURT OF KYIV REGION 01030, Ukraine, Kyiv region, B. Hmelnitskij Boulevard, 44-B VELIKOCHERNECHINSKA: Names Yurij Hovrin Insolvency Manager ---------------------------------------------------------- The Economic Court of Sumi region declared LLC Agrofirm Velikochernechinska (code EDRPOU 30879996) insolvent and introduced bankruptcy proceedings on February 26, 2004. The case is docketed as 6/17. Arbitral manager Mr. Yurij Hovrin (License Number AA 783224 approved on June 21, 2004) has been appointed liquidator/insolvency manager. CONTACT: AGROFIRM VELIKOCHERNECHINSKA Ukraine, Sumi region, Sumi district, Velika Chernechina Mr. Yurij Hovrin Liquidator/Insolvency Manager 40030, Ukraine, Sumi region, a/b 282 ECONOMIC COURT OF SUMI REGION 40030, Ukraine, Sumi region, Ribalko Str. 2 =========================== U N I T E D K I N G D O M =========================== ABBEY INDUSTRIAL: Names Joint Liquidators from CBA -------------------------------------------------- At an extraordinary general meeting of the Abbey Industrial Roofing Limited on August 27, 2004 held at Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS, the ordinary and extraordinary resolutions to wind up the company were passed. Geoff Robbins and Neil Richard Gibson of CBA, Lichfield Place, 435 Lichfield Road, Aston, Birmingham B6 7SS have been appointed joint liquidators for the purpose of such winding-up. CONTACT: CBA Lichfield Place 435 Lichfield Road, Aston, Birmingham B6 7SS Joint Liquidators: Geoff Robbins Neil Richard Gibson ABERDEEN DEVELOPMENT: Plans to Repay Existing Zeros --------------------------------------------------- Executive Summary Introduction (a) ADC has filed a petition with the Court of Session in Edinburgh in respect of a scheme of arrangement under section 425 of the Companies Act 1985. The purpose of the Scheme is to allow repayment of the final capital Entitlement of the Existing Zeros on 6 July 2005 without requiring ADC to be wound up at that time. (b) ADC is seeking to implement the Scheme at this time in order to remove the current uncertainty over its long-term future and to facilitate raising funds to finance the repayment of the Group's zero dividend preference shares in July 2005. (c) The Company will shortly be posting full details of the Proposals, including the terms of the Scheme of Arrangement, the expected timetable and the approvals required, to Shareholders in order to seek their approval for the Scheme. Overview of the Proposals (a) ADC's life will be continued beyond 6 July 2005. (b) Pursuant to a scheme of arrangement in respect of ADC, the Existing Zeros will be cancelled in exchange for the issue to Existing Zero Shareholders of new zero dividend preference shares by a new subsidiary of ADC (ADC Zeros 2005). (c) The rights of the New Zeros will be substantially similar to the rights of the Existing Zeros (in particular, each New Zero will to confer the right to receive 98.2845p on 6 July 2005). (d) ADC's investment manager will seek to optimize the total return from each of ADC's investments, with greater flexibility as to the balance between the income and capital components of such investments. (e) The Group will cease to have a split capital structure following the repayment of the New Zeros in July 2005. Principal Benefits of the Proposals (a) The Board believes that, as a result of the Scheme, the liquidation costs incurred in connection with repayment of the Group's zero dividend preference shares will be substantially reduced and value within ADC's portfolio will be preserved, whilst still enabling repayment of the Group's zero dividend preference shares on the scheduled date in 2005. (b) Continuing access to ADC's Fund Managers through a listed vehicle, which has a strong investment performance record. (c) Over the five years ended 31 May 2004 (ADC's financial year end) ADC generated a total return of 45.9% on Ordinary Shareholders' funds, which compares with an average net asset value total return of 19.2% for the Datastream Private Equity Investment Trusts (ex 3i) Index and 14.9% for the FTSE SmallCap (ex Investment Trusts) Index over this period. (d) ADC's Fund Managers have also demonstrated a good track record over the longer term, producing an IRR on realized and unrealized unquoted investments of 25.3% since they commenced investment in 1986. (e) The reversion of the Group to a conventional capital structure following the repayment of the New Zeros in 2005. Funding repayment of the New Zeros (a) It is expected that repayment of the New Zeros will be financed from a combination of existing cash resources, realizations and new funding. The Board and its advisers are exploring alternative means of raising new capital prior to July 2005. (b) In order to provide New Zero Shareholders and Ordinary Shareholders with comfort that ADC will have the necessary cash resources to repay the final capital entitlement of the New Zeros on the Zero Repayment Date, the Board has agreed outline terms for a bank facility of up to GBP20 million for the purpose of such repayment. The Board has not entered into a formal facility agreement at this stage as to do so would incur a commitment fee. Dividends (a) The Directors expect, in the absence of unforeseen circumstances, to maintain the aggregate dividends payable in respect of the current financial year ending 31 May 2005 at the same level as in respect of the last financial year (being 5.2p per Ordinary Share). For the avoidance of doubt, the indication given above of the aggregate dividends that are expected to be payable in respect of the current financial year is not a profit forecast. (b) The Directors propose to review the level of dividends which may be payable in respect of future financial years in conjunction with finalizing ADC's future financing requirements. It is expected that there will be a reduction from the existing level of dividends as a result of the Group ceasing to have a split capital structure and focusing on optimizing total returns on investments. General (a) The Scheme of Arrangement is subject to, among others, Shareholders' approval at various meetings, the sanction of the Court and the admission of the New Zeros to the Official List. (b) This executive summary should be read in conjunction with the full text of the accompanying announcement from which it has been derived. A full copy of this press release is available free of charge at http://bankrupt.com/misc/aberdeen.htm. THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF IRELAND. CONTACT: ABERDEEN ASSET MANAGERS LIMITED Hugh Little Phone: 01224 631 999 INTELLI CORPORATE FINANCE LIMITED Gordon Neilly Darren Willis Phone: 020 7653 6300 ACM PAPER: Calls in Liquidator ------------------------------ At an extraordinary general meeting of the members of the ACM Paper Conversters Ltd Company on August 31, 2004 held at 27 The Downs, Altrincham, Cheshire WA14 2QD, the ordinary and extraordinary resolutions to wind up the company were passed. Neil Henry and Michael Simister of Lines Henry, 27 The Downs, Altrincham, Cheshire WA14 2QD have been appointed joint liquidators for the purpose of such winding-up. CONTACT: LINES HENRY 27 The Downs, Altrincham, Cheshire WA14 2QD Joint Liquidators: Neil Henry Michael Simister ANDREW LOWE: Appoints Liquidator -------------------------------- At an extraordinary general meeting of the members of the Andrew Lowe Interiors Limited (t/a Lowe Interiors) on August 24, 2004 at Mountview Court, 1148 High Road, Whetstone, London N20 0RA, the ordinary and extraordinary resolutions to wind up the company were passed. Kikis Kallis has been appointed liquidator for the purpose of such winding-up. AUTOMOTIVE PRECISION: In Creditors' Voluntary Liquidation --------------------------------------------------------- (1) Introduction On 12 December 2003 Automotive Precision Holdings PLC announced that it had experienced trading difficulties and that it had been unsuccessful in discussions to refinance its business. As a result, Neil Tombs and Andrew Menzies of Grant Thornton were appointed joint administrators to the sole trading subsidiary, Automotive Precision Components Limited (APC) and the Company's shares were suspended from trading on the London Stock Exchange pending clarification of its financial position. The insolvency of APC has crystallized a number of liabilities in the Company in relation to guarantees of indebtedness given by the Company in respect of certain of APC's debts. The only significant asset of the Company is the inter-company debt due from APC to APH. However, due to the insolvency of APC, this debt will not be repaid in full and this renders APH insolvent. The only other asset of the Company is its investment in Promptpost Limited. However, Promptpost itself is insolvent because its main asset, the inter-Company debt due from APH, will not be paid in full and its other asset, the investment in APC, is now worthless. As a result, APH's investment in Promptpost has no value. At 11 December, 2003, the Company owed approximately GBP6.6 million to a subsidiary company, Promptpost Limited, which in turn owed approximately GBP3.5 million to APC; APC owed the Company approximately GBP7.7 million. As APC is estimated by the directors of APC to have a deficiency to creditors (excluding the amounts owing to the Company) of approximately GBP5,753,000, the Company is therefore insolvent. At a meeting of the board of directors of the Company on 29 January 2004, the financial position of the Company was discussed and it was resolved that the Company was unable to pay its debts as they fell due and steps should, therefore, be taken to place the Company into Creditors' Voluntary Liquidation. (2) The Proposals The following proposals are being put to shareholders. (a) "That it has been proved to the satisfaction of the meeting that the Company cannot, by reason of its liabilities, continue its business and that the Company be wound up voluntarily." (b) "That Neil Tombs and Andrew Menzies of Grant Thornton, Enterprise House, 115 Edmund Street, Birmingham B3 2HJ be appointed joint liquidators of the Company for the purpose of the voluntary winding-up." (3) Cancellation of Listing In accordance with the Listing Rules of the U.K. Listing Authority, notice is hereby given to shareholders that the Company intends to cancel the listing of the ordinary shares of the Company on the London Stock Exchange with effect from 4 October 2004. (4) Extraordinary General Meeting The Proposals are to be put before shareholders for approval at an Extraordinary General Meeting to be held on 20 September 2004 at 10:00 a.m. at The Stockholm Suite, Euston Plaza Hotel, 17-18, Upper Woburn Place, London WC1H 0HT. A circular setting out full details of the Proposals is being posted to shareholders. A copy is available for inspection at the U.K. Listing Authority's Document Viewing Facility, which is situated at: Financial Service Authority 25 The North Colonnade Canary Wharf London, E14 5HS Phone: 020 7066 1000 CONTACT: GRANT THORNTON Sarah Crick-Linton Phone: 0870 991 2489 TAVISTOCK COMMUNICATIONS Peter Willetts Phone: 020 7920 3150 BAXTER RESOURCING: Creditors to Meet Friday ------------------------------------------- The creditors of Baxter Resourcing Limited will meet on September 10, 2004 commencing at 12:00 noon. It will be held at The Quality Boundary Hotel, Birmingham Road, Walsall, Birmingham. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to Bridgestones, 125-127 Union Street, Oldham OL1 1TE not later than 12:00 noon, September 9, 2004. CONTACT: BRIDGESTONES 125-127 Union Street, Oldham OL1 1TE Joint Administrators: Jonathan Lord Robert Cooksey BAY MANUFACTURING: Hires Joint Liquidators from PKF --------------------------------------------------- At an extraordinary general meeting of the members of the Bay Manufacturing Limited on August 25, 2004 held at PKF, Sovereign House, Queen Street, Manchester M2 5HR, the ordinary and extraordinary resolutions to wind up the company were passed. Kerry Bailey and Jonathan D Newell of PKF, Sovereign House, Queen Street, Manchester M2 5HR have been appointed joint liquidators for the purpose of such winding-up. CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Joint Liquidators: Kerry Bailey Jonathan D Newell Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk B & B TRANSPORT: In Administrative Receivership ----------------------------------------------- Close Invoice Finance Limited called in David Harry Gilbert and Peter Supperstone as joint administrative receivers for B & B Transport Limited (Reg No 03732838, Trade Classification: 28). The application was filed August 26, 2004. The company is engaged in freight transport by road. CONTACT: BDO STOY HAYWARD LLP 8 Baker Street, London W1U 3LL Joint Administrative Receiver: David Harry Gilbert (Office Holder No 2376/01) Phone: 020 7486 5888 Fax: 020 7487 3686 E-mail: london@bdo.co.uk Web site: http://www.bdo.co.uk BDO STOY HAYWARD LLP 125 Colmore Row, Birmingham B3 3SD Joint Administrative Receiver: Anthony Peter Supperstone (Office Holder No 2703/01) Phone: 0121 200 4600 Fax: 0121 200 4650 E-mail: birmingham@bdo.co.uk Web site: http://www.bdo.co.uk BED AND BREAKFAST: Barclays Bank Appoints KPMG Receiver ------------------------------------------------------- Barclays Bank plc called in Paul Andrew Flint and Brian Green as administrative receivers for Bed and Breakfast Direct Limited (Reg No 04424461, Trade Classification: SIC 55100). The application was filed August 23, 2004. The company manages hotel and motels. CONTACT: KPMG LLP St James' Square, Manchester M2 6DS Administrative Receivers: Paul Andrew Flint Brian Green Phone: (0161) 838 4000 Fax: (0161) 838 4040 Web site: http://www.kpmg.co.uk BIRKBY'S LIMITED: Members Final General Meeting Set September 30 ---------------------------------------------------------------- The final general meeting of the members of Birkby's Limited will be on September 30, 2004 commencing at 10:30 a.m. It will be held at KPMG LLP, 8 Salisbury Square, London EC4Y 8BB. The purpose of the meeting is to receive the account showing how the winding-up has been conducted and the property of the company disposed of, and to hear any explanation that may be given by the liquidator. Members who want to be represented at the meeting may appoint proxies. Proxy forms must be lodged with KPMG LLP, 8 Salisbury Square, London EC4Y 8BB not later than 12:00 noon, September 29, 2004. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Joint Liquidator: J Spratt Phone: (020) 7311 1000 Fax: (020) 7311 3311 or +44 (0) 20 7694 3533 Web site: http://www.kpmg.co.uk BRITISH ENERGY: Warns of Insolvency if Rescue Plan Fails -------------------------------------------------------- Requisition for an Extraordinary General Meeting by Polygon Investment Partners LLP and Brandes Investment Partners LLC given on 3 September 2004. In a letter dated 3 September 2004, Polygon Investment Partners LLP and Brandes Investment Partners LLC have given notice of their requisition of an Extraordinary General Meeting proposing a number of resolutions. The Company is considering its response to the requisition. The Company agreed to implement the proposed restructuring in October 2003 and although a number of important conditions and significant uncertainties remain, the Company will continue its efforts to implement the proposed restructuring in accordance with these agreements. Furthermore if for any reason the proposed restructuring cannot be implemented the Board may need to commence insolvency proceedings. If insolvency proceedings are commenced, distributions (if any) to unsecured creditors may represent only a small fraction of their unsecured claims and it is highly unlikely there would be any return for shareholders. CONTACT: BRITISH ENERGY Andrew Dowler Media Phone: 020 7831 3113 John Searles Investor Relations Phone: 01355 262 202 BROWNS FINE: Names Liquidator from Tomlinsons --------------------------------------------- At an extraordinary general meeting of the Browns Fine Jewellery Limited on August 27, 2004 held at Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL, the resolutions to wind up the company were passed. Alan H Tomlinson of Tomlinsons, St John's Court, 72 Gartside Street, Manchester M3 3EL has been appointed as liquidator for the purpose of such winding-up. CONTACT: TOMLINSONS St John's Court, 72 Gartside Street, Manchester M3 3EL Liquidator: Alan H Tomlinson Phone: 0870 60 70 170 Fax: 0870 60 70 180 E-mail: advice@tomlinsons.co.uk Web site: http://www.tomlinsons.co.uk COMPLETE HANDLING: HSBC Bank Appoints P&A Partnership Receiver -------------------------------------------------------------- HSBC Bank plc called in Philip Andrew Revill and Brian Stanley Creber as joint administrative receivers for Complete Handling (Midlands) Limited (Reg No 03697068). The application was filed August 25, 2004. CONTACT: THE P&A PARTNERSHIP 93 Queen Street Sheffield S1 1WF Joint Administrative Receivers: Philip Andrew Revill Brian Stanley Creber Phone: (0114) 275 5033 Fax: (0114) 276 8556 E-mail: info@poppletonappleby.co.uk Web site: http://www.thepandapartnership.com DAMHEAD ENERGY: Names Ernst & Young Liquidator ---------------------------------------------- At an extraordinary general meeting of the Damhead Energy Limited on August 23, 2004 held at Ernst & Young LLP, 1 More London Place, London SE1 2AF, the special resolutions to wind up the company were passed. Elizabeth Anne Bingham and Alan Lovett, of Ernst & Young LLP, 1 More London Place, London SE1 2AF have been appointed joint liquidators for the purpose of such winding-up. CONTACT: ERNST & YOUNG LLP 1 More London Place London SE1 2AF Joint Liquidators: Elizabeth Anne Bingham Alan Lovett Phone: +44 [0] 20 7951 2000 Fax: +44 [0] 20 7951 1345 Web site: http://www.ey.com DAWSON INTERNATIONAL: Sells Joseph Dawson for GBP6.6 Million ------------------------------------------------------------ Dawson International plc conditionally agreed to sell its Joseph Dawson fiber business to Life Long Limited (to be re-named Joseph Dawson Limited following completion of the sale), for a cash consideration of approximately GBP6.6 million. The total consideration will be finally determined by reference to the net asset value of stock and debtors of the Joseph Dawson Business at completion. Information on the Joseph Dawson Business The Joseph Dawson Business operates as a division of Dawson International Trading Limited (DITL), a subsidiary of the Company. It procures and/or processes cashmere fiber primarily from sources in Asia for sale to industrial yarn and weaving customers worldwide. Its major markets are Italy, the United Kingdom and Germany. It employs approximately 20 people, mainly based in Kinross, Scotland. In the year ended 3 January 2004 the business being sold made an unaudited loss before tax of GBP3.1 million and had unaudited net assets of GBP7.6 million. Historically the Joseph Dawson Business has also procured cashmere for sale to Todd & Duncan, the yarn spinning division of DITL. This part of the business is excluded from the sale, as the Todd & Duncan division will now procure cashmere on its own behalf. Five employees from the Joseph Dawson Business will transfer to Todd & Duncan as a result. Reasons for the Sale The Company has identified the disposal of the Joseph Dawson Business, which has been loss making since 2001, as a component of its recovery strategy. Whilst recent management actions have improved the underlying trading results, the Directors of the Company consider that with today's competitive position, it is unlikely that the Joseph Dawson Business will produce returns which meet the marginal cost of its invested capital. Use of net proceeds and benefits The net proceeds of the Sale as detailed below would significantly reduce the continuing Dawson International Group's net indebtedness. The Company would then be in a position to consider the early repayment of certain of the Company's zero coupon, convertible, secured redeemable loan stock 2009 and to further develop the continuing Dawson International Group's activities. Terms of the Sale The total consideration for the Sale, before estimated fees and associated costs of GBP0.5 million, is approximately GBP6.6 million in cash of which GBP0.1 million is payable immediately and the balance payable on completion. The net assets being disposed of are currently estimated at GBP7.2 million. As noted above, the total consideration will be finally determined by reference to the net asset value of stock and debtors of the Joseph Dawson Business at completion. Limited warranties and covenants are given to the Purchaser by Dawson International Trading Limited and Dawson International Holdings (U.K.) Limited (which are subsidiaries of the Company) in respect of the Joseph Dawson Business. The Purchaser will acquire certain fixed assets, the stock, and the substantial majority of the debtors and creditors of the Joseph Dawson Business as at completion. In addition, the Purchaser will acquire the Joseph Dawson name and goodwill relative to the business. Arrangements have been made for Todd & Duncan to source cashmere for the Joseph Dawson Business at the request of and as agent for the Purchaser for an initial period of at least one year on the terms of a buying agency agreement. There are also certain other transitional arrangements. Mr. William Holdsworth, a shareholder in and managing director of the Purchaser, will personally guarantee the discharge by the Joseph Dawson Business of certain obligations assumed by the Purchaser. Completion Completion of the Sale is conditional, inter alia, upon Shareholders' approval and satisfaction of certain conditions precedent to the Purchaser's financing arrangements as at completion. A Circular (which will incorporate full details of the proposed Sale and a notice of Extraordinary General Meeting) is presently being prepared and will be published shortly. Prospects for the Continuing Dawson International Group The Directors believe that the Sale represents a further step in the restructuring and the refinancing of the continuing Dawson International Group. As announced on 15 June 2004, the Company is making progress in discussions with a number of potential providers of senior debt facilities, with a view to the early redemption of certain of the Loan Stock in accordance with its terms. The Company hopes to make a further announcement in this regard in the near future. Following the Sale, the businesses within the continuing Dawson International Group will principally comprise: (a) Todd & Duncan a U.K.-based business spinning cashmere and blended yarns, primarily for the European market; (b) Barrie a U.K.-based knitwear manufacturer providing private label and own branded knitwear; and (c) Dawson Cashmere USA a U.S.-based business sourcing, distributing and marketing cashmere knitwear from China. Following completion of the Sale, the Directors' operational focus will be the market development, improved operational efficiencies and further reduction of the cost base within the Continuing Dawson International Group with a view to building shareholder value. The Directors are considering how to further develop the scale of the Dawson International Group's activities, whilst cognizant of the Dawson International Group's financing constraints. CONTACT: DAWSON INTERNATIONAL PLC David G Cooper Finance Director Phone: 01577 867000 Media enquiries: Gordon Beattie Beattie Communications Phone: 07768 588 163 DELPHUS UK: Calls in Liquidators from PKF ----------------------------------------- At an extraordinary general meeting of the members of the Delphus UK Limited on August 25, 2004 held at PKF, Sovereign House, Queen Street, Manchester M2 5HR, the ordinary and extraordinary resolutions to wind up the company were passed. Kerry Bailey and Jonathan D Newell of PKF Sovereign House, Queen Street, Manchester M2 5HR have been appointed joint liquidators for the purpose of such winding-up. CONTACT: PKF Sovereign House, Queen Street, Manchester M2 5HR Joint Liquidators: Kerry Bailey Jonathan D Newell Phone: 0161 8325481 Fax: 0161 8323849 E-mail: info.manchester@uk.pkf.com Web site: http://www.pkf.co.uk DELTANOTE LIMITED: Names Joint Liquidators from KPMG ---------------------------------------------------- At an extraordinary general meeting of the Deltanote Limited on August 26, 2004 held at 4-5 Arlington Road, London SW18 1RA, the special and ordinary resolutions to wind up the company were passed. Mark Jeremy Orton and Allan Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3 2DL have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG Corporate Recovery 2 Cornwall Street, Birmingham B3 2DL Joint Liquidators: Mark Jeremy Orton Allan Watson Graham Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk DETECTAPLANT LTD.: May Appoint Liquidator September 14 ------------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Detectaplant Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Detectaplant Ltd. will be held at 4 Dancastle Court 14 Arcadia Avenue London N3 2HS on September 14, 2004 at 12:00 p.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at Valentine & Co, 4 Dancastle Court 14 Arcadia Avenue London N3 2HS two business days prior to the meeting. By Order of the Board. P. Salisbury, Director August 2, 2004 CONTACT: VALENTINE & CO 4 Dancastle Court 14 Arcadia Avenue London N3 2HS Phone: 020 8343 3710 Fax: 020 9343 4486 Web site: http://www.valentine-co.com FAST RETAILING: Hires Joint Liquidators from KPMG ------------------------------------------------- At a general meeting of the Fast Retailing (U.K.) Limited the special and ordinary resolutions to wind up the company were passed. Jeremy Simon Spratt and Finbarr O'Connell of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB have been appointed joint liquidators for the purpose of such winding-up. CONTACT: KPMG LLP PO Box 695, 8 Salisbury Square, London EC4Y 8BB Joint Liquidators: Jeremy Simon Spratt Finbarr O'Connell Phone: (020) 7311 1000 Fax: (020) 7311 3311 Web site: http://www.kpmg.co.uk INGLEBY (591): Winding up Resolutions Passed -------------------------------------------- At an extraordinary general meeting of the members of the Ingleby (591) Limited on August 31, 2004 held at KPMG LLP, 2 Cornwall Street, Birmingham B3 2DL, the special and ordinary resolutions to wind up the company were passed. Mark Jeremy Orton and Allan Watson Graham of KPMG Corporate Recovery, 2 Cornwall Street, Birmingham B3 2DL have been appointed joint liquidators for the purpose of such winding up. CONTACT: KPMG Corporate Recovery 2 Cornwall Street, Birmingham B3 2DL Joint Liquidators: Mark Jeremy Orton Allan Watson Graham Phone: (0121) 232 3000 Fax: (0121) 232 3500 Web site: http://www.kpmg.co.uk JARVIS PLC: Sells Bidding and Management Operations --------------------------------------------------- Jarvis Plc announced on September 1, 2004 that in line with its restructuring strategy it has signed heads of terms for the sale of its University Partnerships Program (UPP) bidding and SPV management operations to the Alma Mater Fund Limited Partnership. The proposed transaction is conditional on due diligence and completion of documentation, and is not expected to be material in the context of the Jarvis Group. The Alma Mater Fund has previously partnered the UPP business and the university clients in developing university student accommodation projects and had recently acquired the economic interests in a number of the investments held in the UPP joint venture special purpose vehicles from the Group. Alma Mater is a joint venture partnership co managed by 3i and Barclays Private Equity and aims to develop a portfolio of student accommodation projects in partnership with universities across the U.K. Jarvis can also confirm that, further to its announcement of July 1, 2004 concerning the conditional sale agreement in respect its interest in Baltic Rail Services OU, the majority shareholder in Estonian Railways (AS Eesti Raudtee), that this transaction has now completed and the cash consideration of GBP6.7 million has been received. CONTACT: JARVIS PLC Paul Ravenscroft Phone: 020 7017 8127 E-mail: paul.ravenscroft@jarvis-uk.com TULCHAN COMMUNICATIONS Andrew Honnor or David Trenchard Phone: 020 7 353 4200 JARVIS PLC: Names Alistair Rae New Finance Director --------------------------------------------------- Jarvis plc appointed Alistair Rae in an executive capacity as its new group finance director with immediate effect. The company announced on April 15 2004 that Mr. Rae had been appointed the acting group finance director. Mr. Rae is a non-executive director of LTG Technologies plc. At the date of appointment, Mr. Rae holds no shares or options over shares in the Company and there is no information to be disclosed in respect of paragraphs 6.F.2 (b)-(g) of the listing rules. Kevin Hyde, group chief executive, said: "I am delighted that we have been able to confirm the appointment of Alistair in this important role. "He has undertaken the responsibilities of group finance director at the most difficult and exacting time, and has guided us through a very complex situation. "In a very short time he has established himself as a leading figure in the group and gained the respect of all those with whom he works, both within and outside the company. "He is a crucial figure in the recovery process we have underway." Biographical Note Alistair joined Jarvis as director of corporate affairs in 2001 from HSBC investment bank. Prior to HSBC he worked for Cazenove & Co in their corporate finance department in the U.K. and was also the Managing Director of their Asian business, based in Hong Kong. He qualified as a chartered accountant with KPMG in 1983 and subsequently worked for Deloitte. CONTACT: JARVIS PLC Paul Ravenscroft Phone: 020 7017 8127 E-mail: paul.ravenscroft@jarvis-uk.com TULCHAN COMMUNICATIONS Andrew Honnor or David Trenchard Phone: 020 7 353 4200 KNIGHT FINANCIAL: Members Agree to Wind up Business --------------------------------------------------- At an extraordinary general meeting of the members of the Knight Financial Products Limited on August 27, 2004 held at Guildhall House, 81-87 Gresham Street, London EC2V 7NQ, the special and ordinary resolutions to wind up the company were passed. David Alan Rolph and Jeremy Mark Willmont of Moore Stephens, 1 Snow Hill, London EC1A 2EN have been appointed joint liquidators for the purpose of the voluntary winding-up. CONTACT: MOORE STEPHENS 1 Snow Hill, London EC1A 2EN Joint Liquidators: David Alan Rolph Jeremy Mark Willmont Phone: 020 7334 9191 Fax: 020 7248 3408 Web site: http://www.moorestephens.co.uk KNOWLEDGE 111: Appoints DTE Leonard Curtis Administrator -------------------------------------------------------- A Poxon and J M Titley have been appointed as joint administrators for Knowledge 111 Limited. The appointment was made August 23, 2004. The company is engaged in business and management consultancy. CONTACT: DTE LEONARD CURTIS DTE House Hollins Mount Bury BL9 8AT Joint Administrators: J M Titley A Poxon (IP Nos 8620, 8617) Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com MARCONI CORPORATION: Pays US$1.2 Billion Assumed Debt ----------------------------------------------------- Marconi Corporation plc now completed the full repayment, within 16 months, of the US$1.2 billion of debt that it assumed upon completion of its financial restructuring on 19 May 2003. This debt was originally due for repayment by 2008. The last part of the US$717 million of Senior Secured Notes Due 2008 were redeemed on 1 September 2004. The US$487 million of Junior Secured Notes were fully redeemed earlier this year. Mike Parton, Chief Executive said: "The re-emergence of Marconi has been completed with the repayment of the last of the debt that we took on as part of our restructuring. An anticipated annual interest charge of over US$100 million per annum has been eliminated through the prompt repayment of the debt." "The early paydown of all of our restructuring debt is an excellent achievement. We have emerged with a strong balance sheet and can now fully focus our efforts on growing our business." About Marconi Corporation plc Marconi Corporation plc (London: MONI and NASDAQ: MRCIY) is a global telecommunications equipment, services and solutions company. The company's core business is the provision of innovative and reliable optical networks, broadband routing and switching and broadband access technologies and services. The company's customer base includes many of the world's largest telecommunications operators. The company is listed on the London Stock Exchange under the symbol MONI and on NASDAQ under the ticker MRCIY. Additional information about Marconi Corporation can be found at http://www.marconi.com. CONTACT: MARCONI CORPORATION Press enquiries: David Beck Phone: +44 207 306 1490 E-mail: david.beck@marconi.com Investor enquiries: Heather Green Phone: + 44 207 306 1735 E-mail: heather.green@marconi.com MCGOVERN TAVERNS: Winding up Resolutions Passed ----------------------------------------------- At an extraordinary general meeting of the members of the Mcgovern Taverns Limited on August 25, 2004 held at Russell Square House, 10-12 Russell Square, London WC1B 5LF, the ordinary and extraordinary resolutions to wind up the company were passed. John Charles Heath of Chantrey Vellacott DFK, Russell Square House, 10-12 Russell Square, London WC1B 5LF has been appointed liquidator of the Company for the purpose of the voluntary winding-up. CONTACT: CHANTREY VELLACOTT DFK Russell Square House, 10-12 Russell Square, London WC1B Phone: 020 7509 9000 Fax: 020 7436 8884 Web site: http://www.cvdfk.com PERTESCO LIMITED: Subjoined Special Winding up Resolution Passed ---------------------------------------------------------------- At a meeting of the Pertesco Limited on August 9, 2004, the subjoined special resolution to wind up the company was passed. Anthony John Galloway of BDO Stoy Hayward, Mander House, Wolverhampton WV1 3NF has been appointed liquidator for the purpose of such winding-up. CONTACT: BDO STOY HAYWARD Mander House Wolverhampton WV1 3 NF Liquidator: Anthony John Galloway Phone: 01902 714828 Fax: 01902 711475 E-mail: wolverhampton@bdo.co.uk Web site: http://www.bdo.co.uk QUALITY APPLIANCES: Meeting of Creditors Tuesday ------------------------------------------------ IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Quality Appliances Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Quality Appliances Ltd. will be held at The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG on September 14, 2004 at 11:30 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) A Form of Proxy, if intended to be used by creditors wishing to vote at the Meeting, must be duly completed and accompanied by their statement of claim, and must be lodged at The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG not later than 12:00 noon on the business day before the Meeting. Notice is also given, for the purpose of voting, that secured Creditors must (unless they surrender their security) lodge at The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. Lloyd Biscoe of Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG is a person qualified to act as an Insolvency Practitioner in relation to the Company who will, during the period before the day of the Meeting furnish creditors free of charge with such information concerning the Company's affairs as they may reasonably require. By Order of the Board. J. Lloyd, Director August 17, 2004 CONTACT: BEGBIES TRAYNOR The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG Phone: 01702 467255 Fax: 01702 467201 E-mail: southend@begbies-traynor.com Web site: http://www.begbies.com QUARMBY & SON: Father and Son Earn Disqualifications ---------------------------------------------------- The father and son directors of an electrical contractors business which failed with total debts estimated at around GBP266,000 have given Undertakings not to hold directorships or take any part in company management for two and half years and three and half years respectively. The Undertakings by Ronald Quarmby, 75, of Dean Fold, Kirkburton, Huddersfield, and Matthew Quarmby, 36, of Sude Hill, Newmill, Huddersfield, were given in respect of their conduct as directors of Quarmby & Son Limited which carried on business from premises at 55 Lockwood Road, Lockwood, Huddersfield, HD1 3QU. Acceptance of the Undertaking on July 30, 2004 for Ronald Quarmby and on August 18 for Matthew Quarmby prevents them being directors of a company or, in any way, whether directly or indirectly, being concerned in or taking part in the promotion, formation or management of a company for the above periods. Quarmby & Son Limited was placed into compulsory liquidation by Order of the Birmingham District Registry on June 9, 2003 on the petition of a trade creditor for GBP9,119.28. The company has an estimated total deficiency of GBP265,848. The Official Receiver at Leeds had conduct of the investigation and disqualification procedure. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. The matters of unfit conduct, not disputed by Ronald Quarmby and Matthew Quarmby solely for the purposes of the undertaking was that they caused or allowed Quarmby to trade from August 2002 when they knew that Quarmby was insolvent having taken advice from an Insolvency Practitioner on August 16, 2002. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk READS DISTRIBUTION: Insolvency Service Bans Five Directors ---------------------------------------------------------- Five directors of a freight transport business that failed with debts of more than GBP662,000 have been disqualified in the Colchester County Court from acting as company directors for a combined period of 29 years. Michael Richard Hearne, 55; Christine Hearne, 52; and Zoe Hearne 31, all of Brook Lane, Framlingham Suffolk and Chad Michael Hearne, 34, and Siobhan Duggan, 31, were all directors of Reads Distribution Ltd. (Reads), which carried on business from premises at Transport Depot, London Road, Capel St Mary, Ipswich, Suffolk, IP9 2JR. Mr. M. Hearne, Mrs. C. Hearne and Ms. Z. Hearne were disqualified for 10, 5 and 4 years respectively. Mr. C. Hearne and Ms. Duggan were disqualified for 6 and 4 years respectively. Reads was placed into voluntary liquidation on March 22, 2002 with estimated debts of GBP662,749. The Disqualification Order, made on August 19, 2004 prevents Mr. M. Hearne, Mrs. C. Hearne, Ms. Z. Hearne, Mr. C. Hearne and Ms. Duggan from being directors of a company or in any way being concerned in or taking part in the promotion, formation or management of a company for the above periods. The Insolvency Service, on behalf of the Secretary of State for Trade & Industry, has responsibility (under Section (6) of the Company Directors Disqualification Act 1986) for the investigation of the conduct of directors of failed companies and for the disqualification of those who are considered to be unfit to be involved in the management of companies in the future. Matters of unfit conduct, found by the court, not disputed by Mr. M. Hearne and Mrs. C. Hearne were that: (a) Between no later than April 6, 2001 and the date of liquidation on March 22, 2002, they caused or allowed Reads to trade to the detriment of the Crown departments, including the Inland Revenue and HMCE; (b) Between December 1, 2001 and March 22, 2002, they failed to ensure that Reads kept adequate accounting records; (c) Between April 29, 2001 and November 1, 2001, they caused or allowed Reads to contravene road traffic regulations such that Reads' goods vehicle operator's license was revoked with immediate effect and they were disqualified from holding a goods vehicle operator's license either as a sole trader, partner or company director for periods of 2 years each throughout the United Kingdom. Matters of unfit conduct, found by the court, not disputed by Mr. C. Hearne and Ms. Z. Hearne were that: (a) Between no later than 6 April 2001 and the date of their resignation on November 22, 2001, they caused or allowed Reads to trade to the detriment of the Crown departments, including the Inland Revenue and HMCE; (c) Between April 29, 2001 and November 1, 2001, they caused or allowed Reads to contravene road traffic regulations such that Reads' goods vehicle operator's license was revoked and Mr. R. Hearne and Mrs. C. Hearne were disqualified from holding a goods vehicle operator's license either as a sole trader, partner or company director for periods of 2 years each throughout the United Kingdom; Matters of unfit conduct, found by the court, not disputed by Ms. Duggan were that: (a) Between no later than April 6, 2001 and the date of her resignation on November 6, 2001, she caused or allowed Reads to trade to the detriment of the Crown departments, including the Inland Revenue and HMCE; (b) between April 29, 2001 and November 1, 2001, she caused or allowed Reads to contravene road traffic regulations such that Reads' goods vehicle operator's license was revoked and Michael Richard Hearne and Christine Hearne were disqualified from holding a goods vehicle operator's license either as a sole trader, partner or company director for periods of 2 years each throughout the United Kingdom. In addition, Mr. M. Hearne, Mrs. C. Hearne and Mr. C. Hearne did not dispute the following in relation to their conduct as directors of a company called Haven Container Services Limited of which they were director: (a) they caused or allowed Haven to contravene road traffic regulations such that at a public enquiry held on August 19, 2003, Haven's goods vehicle operator's license was revoked, Haven was disqualified indefinitely from holding a goods vehicle operator's license, Mr. M. Hearne and Mrs. C. Hearne were disqualified indefinitely from holding a goods vehicle operator's license and Mr. C. Hearne was disqualified from holding a goods vehicle operator's license for 5 years. CONTACT: THE INSOLVENCY SERVICE 21 Bloomsbury Street London, WC1B 3QW Web site: http://www.insolvency.gov.uk Disqualification Unit Phone: 020 7291 6807 020 7291 6832 (Vetting) E-mail: Disqualification.Unit@insolvency.gsi.gov.uk Criminal Allegations Team Phone: 020 7291 6841 E-mail: criminal.allegations@insolvency.gsi.gov.uk REDSTAR MARKETING: Sets Creditors Meeting September 15 ------------------------------------------------------ The creditors of Redstar Marketing (GB) Limited will meet on September 15, 2004 commencing at 11:00 a.m. It will be held at The Thistle Hotel, Park Place, Cardiff CF10 3UD. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to PKF, 18 Park Place, Cardiff CF10 3PD not later than 12:00 noon, September 14, 2004. CONTACT: PKF 18 Park Place, Cardiff CF10 3PD Joint Administrators: Keith R Morgan Brian James Hamblin Phone: 029 2064 6200 Fax: 029 2064 6201 E-mail: info.cardiff@uk.pkf.com Web site: http://www.pkf.co.uk SKYDUSK LIMITED: Names Wilder Coe Liquidator -------------------------------------------- At an extraordinary general meeting of the members of the Skydusk Limited on August 6, 2004 held at the offices of 5030 Forsythia Circle, Murrells Inlet, South Carolina 29576, USA, the special, ordinary and extraordinary resolutions to wind up the company were passed. Norman Cowan and Mark Pearce Riley of Wilder Coe, 12th Floor, Southgate House, St George's Way, Stevenage SG1 1HG have been appointed joint liquidators for the purpose of such winding-up. CONTACT: WILDER COE 12th Floor, Southgate House, St George's Way, Stevenage SG1 1HG Joint Liquidators: Norman Cowan Mark Pearce Riley Phone: 01438 847200 Fax: 01438 847150 Web site: http://www.wildercoe.co.uk SKYEPHARMA PLC: 2004 Interim Results Out September 15 ----------------------------------------------------- SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) will release its interim financial results for the six months ended 30 June 2004 to the London Stock Exchange at 07.00 BST on Wednesday 15 September 2004. Later that day the Company will host an analyst presentation, which will be Web cast live, and a U.S. conference call to review these results. Michael Ashton, SkyePharma's Chief Executive Officer, will host the analyst presentation. Investors and other interested parties may view the live Web cast 10.00 BST at http://www.skyepharma.comunder the Investor Relations tab. U.S. Investors and other interested parties may access the conference call at 10.00 EST (15.00 BST) by dialing (800)-230-1093 for U.S. participants and +1-612-332-0335 for international participants. The slides of the presentation will be available at http://www.skyepharma.comunder the Investor Relations tab. For those unable to listen to the live broadcast, a replay will be available shortly after the conference call by dialing (800)-475-6701 for U.S. participants and +1-320-365-3844 for international participants and entering Access Code 744673. About SkyePharma SkyePharma PLC uses its world-leading drug delivery technology to develop easier-to-use and more effective formulations of drugs. The majority of challenges faced in the formulation and delivery of drugs can be addressed by one of the Company's proprietary technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilization capabilities. For more information, visit http://www.skyepharma.com CONTACT: SKYEPHARMA PLC Phone: +44 207 491 1777 Michael Ashton, Chief Executive Officer Peter Laing, Director of Corporate Communications Sandra Haughton, U.S. Investor Relations Phone: +1 212 753 5780 BUCHANAN COMMUNICATIONS Phone:+44 207 466 5000 Tim Anderson/Mark Court SUNDERLAND FOOD: Creditors Meeting Set September 24 --------------------------------------------------- The creditors of Sunderland Food Products Limited will meet on September 24, 2004 commencing at 10:00 a.m. It will be held at Crowne Plaza Hotel, Wellington Street, Leeds LS1 1RF. Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims to PricewaterhouseCoopers LLP, Benson House, 33 Wellington Street, Leeds LS1 4JP not later than 12:00 noon, September 23, 2004. CONTACT: PRICEWATERHOUSECOOPERS LLP Benson House, 33 Wellington Street, Leeds LS1 4JP Joint Administrative Receivers: D M Walker E Klempka Phone: [44] (113) 289 4000 Fax: [44] (113) 289 4460 Web site: http://www.pwcglobal.com THORNTONS PLC: Reports Higher Full-year Pre-tax Profit ------------------------------------------------------ Thorntons PLC, the manufacturer, retailer and distributor of high quality confectionery and other sweet foods, reports preliminary results for the 52 weeks ended June 26, 2004. Financial Key Points (in GBP million) 2004 2003 Change Turnover 178.7 167.1 +6.9% Profit before tax 7.0 6.4 +9.6% Profit before tax and exceptional items 8.0 6.4 +24.7% Cash inflow from operating activities 18.1 24.9 -27.3% Earnings per share 7.64p 6.80p +12.4% Earnings per share before exceptional items 8.82p 6.80p +29.7% Dividend per share 6.80p 6.80p - Net debt (26.0) (28.9) Reduced 10.0% Gearing (restated) 62.8% 69.3% Reduced 9.4% (a) Profit before tax up 9.6% on turnover increased by 6.9%; (b) Profit before tax and exceptional items up almost 25% to GBP8 million; (c) Own shop like-for-like sales up 2.6% versus 0.9% last year; (d) Cash flow remains strong; and (e) Dividend unchanged at 6.80p representing yield of ca. 4.2% and now covered. Strategic Key Points: (a) All main areas of the business growing; (b) Margins improving and cost base being continually addressed; (c) Further investments in the own-store estate and marketing planned; Commenting Christopher Burnett, Executive Chairman, said: "The business achieved growth in profit before tax last year after net exceptional charges of almost GBP1 million. "Whilst more restructuring will take place in the new financial year, we would still expect profits to improve again. "We will be in a better position to indicate by how much after our main selling season at Christmas. "Sales in the first few weeks of the new financial year have been encouraging, albeit in comparison with a weak trading performance at the beginning of last year." A full copy of the company's report is available free of charge at http://bankrupt.com/misc/thorntons_2004.pdf. CONTACT: THORNTONS PLC Christopher Burnett Executive Chairman Phone: 01773 540550 Peter Burdon Chief Executive Phone: 01773 540550 Martin Allen Finance Director Phone: 01773 540550 BUCHANAN COMMUNICATIONS Charles Ryland/Catherine Miles Phone: 020 7466 5000 URBANROSE LTD.: Creditors to Meet September 17 ---------------------------------------------- IN THE MATTER OF THE INSOLVENCY ACT 1986 and IN THE MATTER OF Urbanrose Ltd. Notice is hereby given, pursuant to section 98 of the Insolvency Act 1986, that a meeting of Creditors of Urbanrose Ltd. will be held at White House Business Centre Forest Road Bristol BS15 8NH on September 14, 2004 at 11:00 a.m. for the purpose of having a full statement of the position of the Company's affairs, together with a list of the Creditors of the Company and the estimated amount of their claims, laid before them, and for the purpose, if thought fit, of nominating a Liquidator and of appointing a Liquidation Committee. (Sections 99-101 of the said Act) A Form of Proxy, if intended to be used by creditors wishing to vote at the Meeting, must be duly completed and accompanied by their statement of claim, and must be lodged at White House Business Centre Forest Road Bristol BS15 8NH not later than 12:00 noon on the business day before the Meeting. Notice is also given, for the purpose of voting, that secured Creditors must (unless they surrender their security) lodge at White House Business Centre Forest Road Bristol BS15 8NH before the Meeting, a statement giving particulars of their security, the date when it was given, and the value at which it is assessed. In accordance with section 98 (2) Insolvency Act 1986, a list of Creditors' names and addresses will be available for inspection, free of charge, at J.W. Lewis & Co. White House Business Centre Forest Road Bristol BS15 8NH two business days prior to the meeting. By Order of the Board. H. Singh, Director August 24, 2004 CONTACT: J.W. LEWIS CO. 17316 Edwards Road Suite 135 Cerritos, CA 90703 Phone: (562) 926-8585 Fax: (562) 926-9795 E-mail: info@jwlewisco.com Web site: http://www.jwlewisco.com W G ALLEN: Names Joint Liquidators from Deloitte & Touche --------------------------------------------------------- At an extraordinary general meeting of the W G Allen & Son (Harrogate) Limited on August 26, 2004 held at 1 City Square, Leeds LS1 2AL, the special and ordinary resolutions to wind up the company were passed. Angus Matthew Martin and Ian Brown of Deloitte & Touche, 1 City Square, Leeds, West Yorkshire LS1 2AL have been appointed joint liquidators of the company. CONTACT: DELOITTE & TOUCHE 1 City Square, Leeds, West Yorkshire LS1 2AL Joint Liquidators: Angus Matthew Martin Ian Brown Phone: +44 (0) 113 243 9021 Fax: +44 (0) 113 244 5580 Web site: http://www.deloitte.com WIMCO GROUP: Hires Joint Administrators from UHY Hacker Young ------------------------------------------------------------- Andrew Andronikou and Ladislav Hornan have been appointed joint administrators for Wimco Group Coaches Limited. The appointment was made August 27, 2004. The company is engaged in other passenger land transport. Its registered office is located at 223 Streatham Road, Mitcham, Surrey CR4 2AJ. CONTACT: UHY HACKER YOUNG St Alphage House, 2 Fore Street, London EC2Y 5DH Joint Administrators: Andrew Andronikou Ladislav Hornan (IP Nos 1253, 2059) Phone: 020 7216 4600 Fax: 020 7638 2159 Web site: http://www.uhy-uk.com W M ENGINEERING: Names DTE Leonard Curtis Administrator ------------------------------------------------------- A Poxon and J M Titley have been appointed joint administrators for W M Engineering Limited. The appointment was made August 23, 2004. The company is engaged in business and management consultancy. CONTACT: DTE LEONARD CURTIS DTE House Hollins Mount Bury BL9 8AT Joint Administrators: J M Titley A Poxon (IP Nos 8620, 8617) Phone: 0161 767 1200 Fax: 0161 767 1201 Web site: http://www.dtegroup.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe, and Julybien Atadero, Editors. Copyright 2004. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *